Allotment of shares in kind by a co-operative society
This query is : Resolved
27 December 2013
Dear All,
We have a client who is a registered co-operative society. such society has taken a loan which is interest bearing. Due to business losses, such society was not able to pay such interest and made to provision of the same.
Now such society wants to issue the shares in respect of such accumulated provision. So can society do so and whether IT provisions will attract on it.
We have a client who is a registered co-operative society. such society has taken a loan which is interest bearing. Due to business losses, such society was not able to pay such interest and made to provision of the same.
Now such society wants to issue the shares in respect of such accumulated provision. So can society do so and whether IT provisions will attract on it.
29 December 2013
This is capitalisation of loan amount and there is no restriction on it and no tax implication is involved
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
