interest on deposits

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2010 sir,

We have accepted deposits from shareholders. We are planning to pay interest @12% on deposits. Whether it is obligatory to pay interest to all shareholder. Can we pay interest to selective shareholders.

PLEASE suggest in INCOME TAX & ROC point of view

Aditya Maheshwari

Aditya Maheshwari (Expert)
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20 April 2010 If you have accepted deposits on the condition that interest @ 12% will be paid then you will have to pay interest on deposits to all the shareholders and you cannot be selective in that from company law point of view.

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2010 We have accepted deposits from shareholders. We are planning to pay interest @12% on deposits. Whether it is obligatory to pay interest to all shareholder. Can we pay interest to selective shareholders. Deposits are not accepted with condition of payment of interest

PLEASE suggest in INCOME TAX & ROC point of view

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