DIRECT TAXES - ( DEDUCTION OF INDIRECT TAXES PAID )
A company has wrongly availed Input Tax Credit under erstwhile CENVAT Rules in 2015-16. During GST Audit in current year, this was found out and the company paid the wrong credit availed in earlier years as above now, i.e. in FY 2019-20. The same has been expensed off. Is it an allowable expenses under Income Tax Act? Please provide any case laws, if available.
A private limited company is looking to buyout a property, where bank is giving loan of 80% of price and remaining 20% has to be given by company.
Now the company is not having sufficient funds and is looking to take loan from director cum shareholder, loan will be long term loan.
I want to confirm being a private limited company is there any section which has to be specifically complied?
As Loan from Director is allowed please clarify whether any Limit of availing loan is specified?
Compliance Calendar LLP is Recognised as Startup by DIPP Under Ministry of Commerce & Industry, Government of India