Money received form third party
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 October 2017
Hi sir, I have confusion on following matter please suggest-
As per exemption notification on 5th June, 2015 section 180 is not applicable to the private company. means as per 180(1)(c) private company may obtain borrowing without passing special resolution and no limits is applicable as given under this section.
Section 73(1) and (2) says, no company shall invite, accept or renew deposits under this Act from the public except in a manner provided under this Chapter. and company may accept deposits form its members on terms and conditions as given under section and rules.
So, Amount received form third party(individual), is this treaded as deposits or loans from him and which section is applicable to this transaction (the word PUBLIC includes outsider individual other than shareholders)
As per exemption notification on 5th June, 2015 section 180 is not applicable to the private company. means as per 180(1)(c) private company may obtain borrowing without passing special resolution and no limits is applicable as given under this section.
Section 73(1) and (2) says, no company shall invite, accept or renew deposits under this Act from the public except in a manner provided under this Chapter. and company may accept deposits form its members on terms and conditions as given under section and rules.
So, Amount received form third party(individual), is this treaded as deposits or loans from him and which section is applicable to this transaction (the word PUBLIC includes outsider individual other than shareholders)
CS JAY GOHIL
(Expert)
14 October 2017
ANY AMOUNT RECEIVED BY COMPANY EXCEPT FORM BANK, SECURED LOANS, OR FROM DIRECTORS as in form of loan or borrowing is to be treated as deposit under section 73 of companies act 2013
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
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Capital gains in IT returns
- Intimation under section 245
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Urd purchase entry in tally prime
- TDS- 2026-27 Q1 Correction
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
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
