Taking out money from Pvt Ltd company
This query is : Open
15 April 2021
Dear Sir,
I have a Pvt Ltd company which has a profit of roughly around 1 lac during the year. There is tds deduction of around Rs. 3 lacs which I want to take it out from the company.
How can I take this money out from the company. If I pay Salary to directors it will lead to loss of Rs. 2 lacs to the company. Is there any other way to take this money out from company.
Regards,
Divyesh Jain
I have a Pvt Ltd company which has a profit of roughly around 1 lac during the year. There is tds deduction of around Rs. 3 lacs which I want to take it out from the company.
How can I take this money out from the company. If I pay Salary to directors it will lead to loss of Rs. 2 lacs to the company. Is there any other way to take this money out from company.
Regards,
Divyesh Jain
15 April 2021
Assuming that you are one of the shareholders of the company, TDS credits as such cannot be withdrawn, however these can be adjusted against income tax liability of the pvt ltd company. Profits can be withdrawn in the form of dividends subject to satisfaction of specified conditions.
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