"exempted deposit"

    Posted By : CS Shiriti / Published on : 18-May-2019 06:15 AM / View : 71 / Comment : 1
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    Dear Members,

    There is an outstanding amount of "Advance against Booking" since 3 years in a real estate company.

    Will that amount will come under "exempted deposit"?

    Thanks & Regards,
    Shweta gupta
    Read more on : deposit exempted

    • Dear Member,

      It would be deemed as deposit and the company has to comply with the provisions of Section 73, 76 or Companies act, 2013.

      Refer Rule 2 (1) c of Companies Acceptance of Deposit Rilea, 2014 where it is clearly mentioned that any amount received for supply of any good/ service during the ordinary course of business and the same is not performed with in a period of 365 days it would be treated as deposit. 

      19-05-2019 / 05:17:19 AM

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