Section 297, 299 & 301

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2012 ONE OF MY CLIENT HAS A LIMITED COMPANY AND FEW PRIVATE LIMITED COMPANIES.MY QUESTIONS ARE:

1. If there is regular current account transaction, means daily exchange of fund then it will attract section 299( it is not attracting 297).in which minutes say paid rs.5,00,000.00 will be recorded?

2. Can we make a single minutes to cover the 1 months transactions, 1 quarter transaction??

3. any format of board resolution for the same?

4. will we have to record the each transaction in register maintained U/s 301.

regards

Vineet Khetan

CS SAJU PHILIP MANALEL

CS SAJU PHILIP MANALEL (Expert)
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18 January 2012 The query is not clear. Since it is stated that 297 is not applicable, it is assumed that the transaction is not in the nature of sale/purchase of any goods and or supply of any service with directors etc. Then what is the transaction? will it amount to loans then applicability of section 295 be considered

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2012 IN SECTION 299 IT IS WRITTEN THAT ANY CONTRACT OR ARRANGEMENT SO HAVING A CURRENT ACCOUNT WILL ATTRACT SECTION 295 AND ALSO SECTION 299 AS IT IS ANY ARRANGEMENT SO PLESE ADVICE.I FEEL THAT IT ATTRACTS SECTION 299 AND IT SHOULD BE RECORDED IN REGISTER MAINTAINED U/S 301.

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