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Advance against share capital

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(Querist)
10 October 2007 whether any company can receive Advance against share capital more than its authorised share capital limit ?
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CMA Gul S

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CMA Gul S (Expert)
10 October 2007 No
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Ravikumar.G

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Ravikumar.G (Expert)
10 October 2007 If there is any debit balance in the name of shareholders which exceeds the undistributed profits, will be treated as deemed dividend as per incometax act.
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CMA Gul S

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CMA Gul S (Expert)
10 October 2007 Thanks Mr Ravi for information

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