Allotment of shares in kind by a co-operative society
This query is : Resolved
27 December 2013
Dear All,
We have a client who is a registered co-operative society. such society has taken a loan which is interest bearing. Due to business losses, such society was not able to pay such interest and made to provision of the same.
Now such society wants to issue the shares in respect of such accumulated provision. So can society do so and whether IT provisions will attract on it.
We have a client who is a registered co-operative society. such society has taken a loan which is interest bearing. Due to business losses, such society was not able to pay such interest and made to provision of the same.
Now such society wants to issue the shares in respect of such accumulated provision. So can society do so and whether IT provisions will attract on it.
29 December 2013
This is capitalisation of loan amount and there is no restriction on it and no tax implication is involved
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Copyright software
- SFT Cash Deposit in Current Account
- Multiple trade mark
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
