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Q. > Please Help: Loan
Can a employer take loan from his employee whereas interest is being paid and TDS deducted accordingly and on the other side imprest is given to the same employee for business purpose
answered Jan 28, 2012 by Ashish Karundia , New Delhi
Dear Achin,
The transactions explained/asked by you in the query are possible as the same two different transactions. However, it needs to proved that the same are genunine transactions and the same can be proved from the books of accounts.
Hope the above suffice.
answered Feb 19, 2012 by Mrattunjay , New Delhi
YES Possible , but some conditions
answered Jul 02, 2012 by Rambabu Senkarasetti , Guntur
Yes, possible
answered Jul 02, 2012 by Rambabu Senkarasetti , Guntur
Experts Panelist
Comments
Rishabh Upadhyay
28-Jan-2012 , 11:35:03 pmIt will be difficult to prove that employer has taken a loan from an employee and then given imp-rest to same employee,as an independent transaction. Amount of loan and imprest is of prime importance.