Sec 40 A 2 of I. T. Act

Amisha (Asst. Company Secretary)   (205 Points)

13 August 2010  

Dear All

As per Section 40A 2  of IT Act substantial Interest means person who is holding more than 20 percent of voting rights

my question is whether this limit of 20 percent is individually or collectively
eg.
if two person one holds 12 percent and other 13 percent
then are they holding substantial interest
 
Thanks & Regards,