deposit received from business associate by PVT LTD Company
This query is : Resolved
15 April 2011
There is an MOU between a PVT LTD Co. and a proprietary firm which states that the company will receive a deposit of Rs. 100 lacs and will pay an interest @12% p.a.on the said deposit.
My question is
1. Can a pvt ltd company accept the deposit from one of its business associates such as distributor of its product?
2. is it permissible to accept Trade deposit from outsiders u/s 58A and if not, whats the penalty?
My question is
1. Can a pvt ltd company accept the deposit from one of its business associates such as distributor of its product?
2. is it permissible to accept Trade deposit from outsiders u/s 58A and if not, whats the penalty?
15 April 2011
Yes U/s 58A pvt ltd company cannot accept deposits.
Pvt Ltd Company can accept trade deposits. This will not come under the per view of Section 58A
Pvt Ltd Company can accept trade deposits. This will not come under the per view of Section 58A
20 April 2011
still not Clarified by Mr. Prasad.
08 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
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
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Bank Accounts in Balance Sheet for ITR 3
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10BD Filling
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
