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Subscription money on incorporation of company

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(Querist)
10 January 2017 Can subscribers to MOA bring the share application money in cash??
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CA Suresh Jain

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CA Suresh Jain (Expert)
11 January 2017 You should not accept more than Rs. 20k to be on safe side
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Sameer

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Sameer (Querist)
11 January 2017 Thanks for the reply Mrs. N. Jain but what is the provision as per law is it permissible?
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c.bakshi

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c.bakshi (Expert)
14 January 2017 Agreed with Mam. there is restriction in the Income Tax act for accepting money in cash from the directors in the form of cash exceeding 20000. However, i advised you to transfer the money vide any banking channel

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