Shares Subscribed in Cash by the subscribers to MOA
This query is : Open
04 July 2016
whether a pvt limited company can receive share subscription money from promoters/directors(subscribers to MOA) in cash at the time of incorporation???
Please refer for companies act 2013 as well as income tax act,1961.
Kindly refer.
Thanks in advance.
05 July 2016
no as per the provisions of companies Act, 2013 such money can only be allowed in the form of chq, DD or any other banking channel e.g. NEFT/RTGS. and cash is not used and INCOME TAX SECTION 269 clearly says that promoter/director of the company make payment in the banking mode only. account payee cheque etc.
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05 July 2016
Thanks bakshi....
can you please mention the related provision of companies law which requires that amount shall not be received in cash??
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