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?
Ravikumar.G
(Expert)
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
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