Sir,
While performing audit of a pvt ltd company i observed that the company has recieved share application money in excess of their authorised capital. Company holds these money for a period exceeding 60 days what are the penal provisions
Swaraj Kumar (Student CA IPC / IPCC) (83 Points)
13 January 2015Sir,
While performing audit of a pvt ltd company i observed that the company has recieved share application money in excess of their authorised capital. Company holds these money for a period exceeding 60 days what are the penal provisions
CS MOHIT SALUJA
(PRACTICING CS Jalandhar 9914558709)
(5155 Points)
Replied 13 January 2015
Penality is to the extent of amount involved i.e. amount called as share application money and may extend to Rs. 2 crores per officer who is in default. under section 42(11)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)