Query on application money outstanding
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2015
Dear Sir
If a company is having outstanding Application money for last 2 years, Whether it needs to be reported as an outstanding loan?
If a company is having outstanding Application money for last 2 years, Whether it needs to be reported as an outstanding loan?
12 August 2015
NO,
IT IS TO BE REPORTED AS APPLICATION MONEY BECAUSE IT IS PRIOR TO COMMENCEMENT OF NEW ACT OF 2013
BUT IT IS ADVISABLE TO ISSUE SHARE OR RETURN MONEY OR TRANSFER TO UNSECURED LOAN ACCOUNT. IF THAT MONEY LIES AS APPLICATION MONEY FOR MORE THAN 7 YEAR, IT IT TO BE DEPOSITED TO iepf I.E. GOVT.
IT IS TO BE REPORTED AS APPLICATION MONEY BECAUSE IT IS PRIOR TO COMMENCEMENT OF NEW ACT OF 2013
BUT IT IS ADVISABLE TO ISSUE SHARE OR RETURN MONEY OR TRANSFER TO UNSECURED LOAN ACCOUNT. IF THAT MONEY LIES AS APPLICATION MONEY FOR MORE THAN 7 YEAR, IT IT TO BE DEPOSITED TO iepf I.E. GOVT.
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