23 September 2013
If a Pvt. Ltd. co. deals in Immigration business. A person who has to send his son abroad deposits amount in company's bank a/c but for some reason deal with that person is cancelled and co. returned the money deposited in the bank.
Can such acceptance & return back of money be considered as Unsecured loan? Can a PVT. ltd. co. do so?
23 September 2013
Well till the time the money was lying in the company's account, it was a advance received (not a unsecured loan). Since the money has been returned now, the issue of its treatment as unsecured loan anyways don't arise.
Plus, you were supposed to pay service tax at the time of receipt of money. If you have paid service tax, you can adjust the same against you future service tax liability in future service tax returns.
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