I have opened a bank account for my private limited company and was not aware that transactions are not allowed before filing INC 20A. I made a few transactions to test ATM, internet banking, and online payments. What options do I have now?
Ignore these transactions.
Reverse the debit transaction.
Upload NEFT/IMPS receipts instead of a bank statement.
Open a new account.
My second query is, can a shareholder deposit their share capital in installments through multiple transactions?
please follow this link for your querries of INC 20A.
https://www.tesz.in/question/form-inc-20a
A company incorporated after November 2018 cannot commence any business or use any borrowing powers until INC 20A is filed under Section 10A of the Companies Act. Before filing, you can open a company bank account, receive the share subscripttion money from the subscribers listed in the MOA, and cover incorporation-related expenses from that account. Commercial transactions like billing clients, signing revenue contracts, or receiving payments from customers should wait until INC 20A is filed and accepted by the MCA portal. If the 180-day window is missed, the company can be struck off and directors face a penalty of Rs 1,000 per day.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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