Section 301
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2013
if a pvt. ltd. company take a loan from Director but not maintain register under section 301.wrong or right. pls reply me.
17 September 2013
Every company, whether private or public, shall keep a Register and enter therein particulars of all contracts or arrangements to which section 297 or 299 applies including contracts which are exempt under the provisions as under:—
(a) the date of the contract/arrangement;
(b) the name of the parties with whom the contract entered into;
(c) the principal terms and conditions thereof;
(For example when interested contracts covered by section 297 did not need the consent of the Board, the answer against this column may be "For cash at market prices")
(d) the date on which the contracts were placed before the Board;
(e) the names of directors voting in favour or against the contract or arrangement and name of those remaining neutral.
However, the dealing of loan with director will not be taken in to account, because it is exempted under section 297. But Section 301 cover contracts which are also exempted.
(a) the date of the contract/arrangement;
(b) the name of the parties with whom the contract entered into;
(c) the principal terms and conditions thereof;
(For example when interested contracts covered by section 297 did not need the consent of the Board, the answer against this column may be "For cash at market prices")
(d) the date on which the contracts were placed before the Board;
(e) the names of directors voting in favour or against the contract or arrangement and name of those remaining neutral.
However, the dealing of loan with director will not be taken in to account, because it is exempted under section 297. But Section 301 cover contracts which are also exempted.
Message likes :
1 times
17 September 2013
For the transaction you have mentioned, entry in the register u/s 301 is not required.
Thanks
Thanks
Message likes :
1 times
19 September 2013
Since the loan has been given to the company assumed free of interest there is no contract except repayment. The expert is correct that if there is any transaction of loan is no transaction as required u/s 297 or recording u/s 301.
In 301 dealing with the company is to be recorded so that any sales or purchases in excess of the market can be verified
In 301 dealing with the company is to be recorded so that any sales or purchases in excess of the market can be verified
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?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
