Share Application Money
This query is : Resolved
27 September 2007
Under Companies Act,1956 is it permissible to accept Share Application Maoney be in Kind? or it has to be in Cash only?
28 September 2007
It may be in any kind. Share Application money which is pending allotment of paid up and subscribed capital.
28 September 2007
IF THE ARTICLES OF ASSOCIATION OF A COMPANY PERMITS TO RECEIVE SHARE APPLICATION MONEY IN KIND, YES YOU CAN RECEIVE IT IN KIND LIKE CONSIDERATION FOR SERVICES , VENDOR AGREEMENTS ETC...
but you have to categorise separately in accounts as share appication in cash and in kind with all supportings.otherwise as unexplained credits it will be added as income by INCOME TAX DEPT.
R.V.RAO
but you have to categorise separately in accounts as share appication in cash and in kind with all supportings.otherwise as unexplained credits it will be added as income by INCOME TAX DEPT.
R.V.RAO
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
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Banking Related Issue
- Traces submitting correction statement error
- ITR-Capital Gain
- ITR-3 File/Error Found
- Rent claimed on building given on permissive possession basis
- IT returns for fresh job holders
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- 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
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
