Share application money
This query is : Resolved
11 June 2010
Can share application money of a private limited company be refunded in cash?is it neccessary that it should be refunded by cheque?
Sunil Kr. Sanganeria
(Expert)
11 June 2010
there is no bar in return of share application money in cash but as matter of precaution and to avoid undue hardship by IT Officer it is better to pay by cheque. Sometiles the IT Officer treat it as refund of loan and add under Section 269T if repayment exceeds Rs. 20000/-
Ankur Garg
(Expert)
11 June 2010
Totally agree.
If you have option to refund through cheque...then refund it through cheque for proper recording and proof.
Thanks
If you have option to refund through cheque...then refund it through cheque for proper recording and proof.
Thanks
11 June 2010
Share application money refund recived cheque its proper documents for all feature documents.
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