Menu
Share application money
Company received Share Application Money from subscribers in separate bank account. After allotment of shares company transferred the entire amount to another bank account. What shall be the nature of former bank account opened for subscripttion?
Does it need to be closed after allotment?
Replies (1)
Not sure ... I think it should be opened as a share application Ac... It would be current account. Provision not stating anything about closure.. And in general practice is account is opened for specified purpose it would be closed after the purpose is completed.
EXPERTS PLS GIVE BETTER SNSWRRS
Recent Threads
- ITR 2 Processed and Refund Credited to Bank
- Freelancer or Salaried
- LTCG Tax & Indexation on Debt Mutual Funds Sol
- Section 45(5A) and 194IC with carry forward of tds
- Paid tax amount, CIN generated and challan downloa
- INTRADAY INCOME PRESUMPTIVE INCOME
- Clarification on Deemed Export Status for EOU-to-E
- LTCG Tax on property
- Short term gain in itr2, missing 111A
- Errors in ITR Filing: Minimum One Character Requir
Related Threads
CAclubindia
