Return under sec 285ba(1) by specified persons.

This query is : Resolved

CA Santosh Dhumal (Querist)
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23 August 2016 As per the notification no 95/2015 issued on 30/12/2015, CBDT had notified the class of persons, who has to submit the returns ( Knows as AIR transaction ). in case of Sr no. 6 where the company issues shares to any person for the consideration above 10 Lac, issuing company has to file above statement.
However the queries are
1) whether above provision is also applicable in case of issue to non-resident, Bcoz notification specifies "Any Person"
2) In case of New formed company, above provision is applicable, where Paid up share is capital is more than 10 Lac.

Ruchi

Ruchi (Expert)
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23 August 2016 Yes, this provision is applicable in case of issue to non residents.
However, in case of your second question, what you need to know is that if the amount received from a single person is 10 lakhs or more then the transaction needs to be reported, here the amounr of paid up share capital is irrelevant.

CA Santosh Dhumal

CA Santosh Dhumal (Querist)
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24 August 2016 Madam,

Means if Amount received towards face value + towards security premium > 10 Lac. so company is liable to file the statement.

Ruchi

Ruchi (Expert)
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25 August 2016 The company is liable to file the statement if the amount received from any one person towards acquiring shares (which would include share capital and premium also) is ten lakhs or more. If the share issue is of ten lakhs or more but amount received from all the persons individually is less than 10 lakhs then no need to file the statement.

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