Payment from paid up Capital
This query is : Resolved
22 January 2021
Sir
Can I use paid up Capital of a Private Ltd Company for paying expenses like fine for not filing GST Nil returns on time.
Thanks
Can I use paid up Capital of a Private Ltd Company for paying expenses like fine for not filing GST Nil returns on time.
Thanks
22 January 2021
Yes you can .
Once, the capital is subscribed, the company is free to spend on its business activities ( payment of Incorporation fees, advertisement, salary & etc), there is no compulsion under any act to restrict the spending of the company.
23 January 2021
Yes, once the amount is received by the Company and necessary filing is done in ROC, the amount of paid-up capital may be used for managing the business expenses of the Company
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