Penalty for not repaying deposits
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 February 2015
Dear all,
As per the Companies Act, 2013, companies are required to repay the deposits outstanding in their books within specified time.
If such repayment is not done within time limit, what is the penalty for non-compliance?
I got to know that the penalty has been revised and shall be charged with regards to the size of the companies (viz. small, medium and large).
Is that true? If yes, please let me know the revised penalty.
As per the Companies Act, 2013, companies are required to repay the deposits outstanding in their books within specified time.
If such repayment is not done within time limit, what is the penalty for non-compliance?
I got to know that the penalty has been revised and shall be charged with regards to the size of the companies (viz. small, medium and large).
Is that true? If yes, please let me know the revised penalty.
18 February 2015
penalty is in Crores minimum 1 crore and can increase to 10 crore and interest@18% p.a. from the date of default
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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Copyright software
- Regarding appeal to GSTAT
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
