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
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Not a CA , can we prepare balance sheet
- TCS ON SOFTWARE SALES
- Income Type for interest from government bonds
- Adjustment at the beginning of the year
- Bifurcation of prepaid expenses
- Is income taxable or receivable or received in case of LLP and company
- TDS - Form 26QB - Installment - Final payment Query
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
