Under Acceptance of Deposit Rules, 1975 Every company shall before the 30 day of April of each year, deposit or invest, as the case may be, a sum which shall not be less than 15% of the amount of its deposit maturing during the year ending on the 31st day of March next following.
My question is if certain deposit are maturing during the April (i.e. 10 to 15 April) and the Company makes investment or deposit only on 29th -30th April, whether it is required to include that deposit also in computing the 15% of the amount.
I have two options.........
1. It should be included because law is saying for the amount of deposit maturing during the year
2.It should not be included because the intention of the law is to provide the security for the payment of deposits maturing and if any deposit is already paid what is the relevance to provide security for the same. (Also suggested by certain consultants)
In my opinion, it should be included but I am confused...........
CAclubindia
