Allotment of shares in kind by a co-operative society
This query is : Resolved
Surendra Singh Chouhan
(Querist)
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
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
