Share application money
This query is : Resolved
04 October 2013
Dear professionals,
A pvt ltd which Balance sheet showing share application money pending for allotment on 31-03-2012 can company without refunding the same convert its share application money pending for allotment into unsecured loan.
please do let me know, if yes than under which provision it is dealt.
regards
Amit
A pvt ltd which Balance sheet showing share application money pending for allotment on 31-03-2012 can company without refunding the same convert its share application money pending for allotment into unsecured loan.
please do let me know, if yes than under which provision it is dealt.
regards
Amit
04 October 2013
You can not convert Share Application Money into Unsecured Loan.
What you can do is first refund Share Application Money and then accept again the same amount as Unsecured Loan by that party.
What you can do is first refund Share Application Money and then accept again the same amount as Unsecured Loan by that party.
08 October 2013
But Aryan ji, where it is mentioned that a company can not convert so, as per my knowledge company act is silent on this issue so where can I fetch the relevant provisions
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Taxability of credit in canara bank ET & T section (NRO)
- Difff in ais receipts and gst turnover
- Banking Related Issue
- TDS on rent received on hardship compensation being rent on redevelopment of building
- NRI INSURANCE ADVISOR
- Traces submitting correction statement error
- Loss of interest in PF transfer from EPFO to Trust
- CLOSING STOCK QUERY
- F&O reporting in ITR
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
