Share capital Brought by Cash - INC 20A Decaration Format Needed

[CA NAGARAJ S V]

hi sir,

what is the procedure the file the INC 20A in case of the share capital is broiught by cash by the subscribers.

is there any declaration format for the same . how to proceed in this case

Kindlly resolve Thanks in advace

Regards 

Nagaraj SV 

[reena roy]

yes...

Thanks & Regards,

CS REENA ROY

REENA ROY & CO.

[ PCS,CMA,CA Final,M.Com,B.Com(H) ]

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Email id: reen...@gmail.com

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[TaxSahib]

kindly send declaration format

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[reena roy]

Declaration format,I hope it help you

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[Pcs_sandip Lathiya]

attach Cash Receipt instead of Bank Statement in your case.

Rest all are ok except provision of Income tax Act 1961.

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[CS A K]

Form itself is declaration, no need separate declaration attachments.

[Siddharth Pemawat]

Sir Do Share Capital money can be received in Cash ?

Is It not a violation of Companies Act,2013 provision and Income Tax Act ?

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[Ashraf Company Secretary Hubli]

As per the Companies Act, 2013, any Share capital money should be received any of the Bank mode, not by cash.

Thanks & Regards 

Ashraf Khanali B.com. ACS. 

Practicing Company Secretary 

Hubli

Cell : 9880565010 

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[Pcs_sandip Lathiya]

As per Company Act, its not mandatory to receive Subscripation Amount in Bank.

Yes, Its violation of Income Tax Act, But its possible only in the case of Such amount is more than Rs.10,000.

Further As per section 35(AD) & / Or 40A(3) says, that any assesee can not pay amount more than Rs.10,000 in the case of revenue transaction.

Furthermore such limit is only for Taxpayer who paid amount in Cash. This limit is not applied to the assesee who received payment in cash.

So Final Conclusion is , If Subscriber paid money (Only if Such amount is more than Rs.10,000),  Then they violate section 40A(3),

but Newly Incorporated company not violate Either Section 35(AD) & / OR  40A(3).

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[Prathap]

IN this case, Can a pre incorporation exps and any amount paid as Advance towards Office premises can be claimed ? If so to what extent?

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[V Kartik]

Pre-incorporation expenses can definitely be paid/reimbursed after the company is incorporated. Infact about the same, we generally record it in the Minutes of the 1st Board meeting as well. So the promoters need to keep an account of the total expenses incurred by them & reimburse the same post incorporation.

Secondly, this has nothing to do with the above declaration. This declaration only proves whether the subscribers to the Memorandum, have actually subscribed for the shares or not by seeing the account details. Most importantly, the subscription amount should come from seperate accounts (of each subscribers) so that it clarifies the situation. This is what indirectly clarified (as declaration) in the help kit as well.

Kartik

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[Prathap]

in continuation to your clarification, If one of the subscribers pays all the amount as mentioned in the Paid up cap, can this be considered or only the respective subscriber should pay the respective amount.

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[V Kartik]

Every subscriber to the Memorandum should deposit the amount from his account. That's the purpose of filing this form. If you read the instruction kit, it's clearly given that "every subscriber to the Memorandum should pay for the shares he /she has subscribed for" (framed in my words based on the understanding). 

Secondly, if you show only one amount being deposited as a whole, it indicates as if only one subscriber has contributed. 

Hence we generally advise our clients accordingly as per my above clarification.

Kartik

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[Ashraf Company Secretary Hubli]

Should pay respective subscribers. as per undertaking in MOA.

Thanks & Regards 

Ashraf Khanali B.com. ACS. 

Practicing Company Secretary 

Hubli

Cell : 9880565010 

E-mail Id : csashra...@gmail.com

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[Ashraf Company Secretary Hubli]

In first board meeting by passing resolution can claim exact expenses  incurred for company registration, Where as for advances towards can be claim after executing Novation Lease Agreements.

Thanks & Regards 

Ashraf Khanali B.com. ACS. 

Practicing Company Secretary 

Hubli

Cell : 9880565010 

E-mail Id : csashra...@gmail.com

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[Prathap]

Thanks Karthik for Clarification. Other views are all appreciated. Thank you.

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