TaxTMI 
TaxTMI 
SAM received in Cash
23 Sep 2010 
1 Reply 
1175 Views Asked by
Receipt of share application money by a private limited company is not restricted under income tax law.
Whether a private limited company receiving substantial share application money from a single subscriber contravenes income tax law: the operative advisory position is that there is no restriction under income tax on receipt of share application money from one person. (AI Summary)
Whether a private limited company receiving substantial share application money from a single subscriber contravenes income tax law: the operative advisory position is that there is no restriction under income tax on receipt of share application money from one person. (AI Summary)
A private limited company can be received heavy Share application money from one persons.is there any violation under incoem tax?