WHO IS SAID TO HAVE SUBSTANTIAL INTEREST IN A COMPANY
PLS HELP ME
WHO IS SAID TO BE HAVING SUBSTANTIAL INTEREST IN A COMPANY
CMA Vamshi Raghavendra (Student) (192 Points)
17 May 2009
6 Replies
(Guest)
This has been defined in Income tax act and not in companies act so far I know.
As per income tax act
An individual is deemed to have substantial interest if he individually or along with his relatives beneficially hold equity shares carrying not less than 20% of the voting rights at any time during the previous year.
Sneha
(Company Secretary)
(210 Points)
Replied 30 January 2010
th % of shares to be held in order to be substantially interested stands changed to 10%
jayalakshmi
(student)
(21 Points)
Replied 13 February 2010
u/s 2(32) of income tax act
is substantial interest for non corporate entities is increase to 40%
please clarify
C.Balaji
(Learner)
(1867 Points)
Replied 13 February 2010
In the case of a company : If an individual beneficially hols ( Individually or along with his relatives) 20% or more of equity shares in the company at any time during the previous year...
In any other case : If an individual is entitled to 20% profit in the concern....
anish
(142)
(36 Points)
Replied 12 August 2010
I He Along with wife sisters Etc will apply only in case of clubbing provisions Sec 64(1)(ii) and .as per 2(32) individual interst of 20% must be taken into A/c
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