23 February 2021
While incorporating company i gave only 10k whereas authorised capital of company is 10Lack. Thus paid up capital is only10k. Can i increase paid up capital by simply transfering money into company's account to company account or i will have to fill some form also. And would this money be counted as income thus income tax would be required to paid up for this?
23 February 2021
Depends on type of company , is it is private company then simply deposit the amount to company account and issue share certificate in the name who is depositing the money in company account. and some compliance i.e. register of share holder shall be amended. Capital receiving under companies account is not income as per income tax . So, there is not requirement of payment of tax.
Further, if you have query mail me at casonu.choudhary@rediffmail.com
CAclubindia
