Promotors contribution
This query is : Open
CA Ysil Karunai
(Querist)
04 July 2011
Dear Sir,
please Clarify, Where to disclose the Promotors Contribution as per Schedule VI. Suppose, if the Promotor brings the money through cash, whether 269SS will be applicable as per Income tax Act 1961.
Thank you
please Clarify, Where to disclose the Promotors Contribution as per Schedule VI. Suppose, if the Promotor brings the money through cash, whether 269SS will be applicable as per Income tax Act 1961.
Thank you
CA PARAS BAFNA
(Expert)
05 July 2011
Capital can be contributed by promoters in cash.
Loans given by promoters in companies are to be shown separately and not under this head. For such amounts 269SS is applicable.
Loans given by promoters in companies are to be shown separately and not under this head. For such amounts 269SS is applicable.
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