Share application money

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(Querist)
11 June 2010 Can share application money of a private limited company be refunded in cash?is it neccessary that it should be refunded by cheque?
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
11 June 2010 there is no bar in return of share application money in cash but as matter of precaution and to avoid undue hardship by IT Officer it is better to pay by cheque. Sometiles the IT Officer treat it as refund of loan and add under Section 269T if repayment exceeds Rs. 20000/-
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Ankur Garg

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Ankur Garg (Expert)
11 June 2010 Totally agree.

If you have option to refund through cheque...then refund it through cheque for proper recording and proof.

Thanks
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Kariyappa

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Kariyappa (Expert)
11 June 2010 Share application money refund recived cheque its proper documents for all feature documents.

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