Can i transact more than crore per day

Dear Sir,

There is no problem in depositing and withdrawing more than one core from company's bank account, where the authorised capital of company is Ten Lakhs

The ‘authorized share capital’ of a company  is the maximum amount of share capital that the company is authorised by its Memorandum of Association to issue to general public or existing shareholders . Beyond this limit, the company can not issue shares to the public.

So depositing amount in companies bank account more than authorised capital is not  restricted by companies act or any other law

Go ahead, there are no issues whatsoever!

Originally posted by : prakash
	Dear Sir, There is no problem in depositing and withdrawing more than one core from company's bank account, where the authorised capital of company is Ten Lakhs The ‘authorized share capital’ of a company  is the maximum amount of share capital that the company is authorised by its Memorandum of Association to issue to general public or existing shareholders . Beyond this limit, the company can not issue shares to the public. So depositing amount in companies bank account more than authorised capital is not  restricted by companies act or any other law

Dear Sir

Can you please enlighten the consequences (if any) from "Income Tax" point of view.. Please
 

by not going into any provision...income tax is on income...

by depositing n withdrawing on same day will result in no income...

tds may be deducted...

No Issue Under Any aw...

Go For It..

No Violation of Companies Act. & Regarding Income tax, no such issues, but depositor has to furnish his PAN to the Bank