If in FY20-21, some unsecured loans are standing in the books of accounts have been converted into Equity Share Capital amounting to more than Rs.10 Lakh- Whether such conversion of Loan into Equity be reported in SFT (Form 61A) under "Receipt from any person of an amount aggregating to Rs. 10Lakh or more"?
(Note- Loans were already standing in Books of accounts as at 01-04-2020; and same have been converted into Equity Share Capital in FY20-21)
CAclubindia
