banner_ad

Companies act 2013 deposit

This query is : Resolved 
Profile Image

Profile Image

(Querist)
01 April 2015 Hi,
I have a company who engages in trading with turnover of about 5 crore. Now the company wants to give loan of around 2crore to another company from revenue on sales. This would mean that the company would not be able to pay to creditors for goods for about 1-2 years.
So I want to ask if these creditor for goods would be considered as deposit under companies act 2013 which are not allowed.
Also I want to ask that can the company pay interest to these creditors?

Are there any restrictions regarding these in companies act or Income tax act excepting the special resolution from shareholders?
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
01 April 2015 If the dues to the 'creditors for goods' are outstanding for more than 365 days,then that balance will not be considered as 'deposit' as per Companies Act,2013 read along with Companies)Acceptance of Deposit) Rules,2014.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details