There is no prohibition/restriction under the Companies Act, 2013 for receiving the subscription money in cash (i.e., not through account payee cheque or other banking channel).
However, the company and/or subscriber(s) has(ve) to comply with the provisions of the Income Tax Act, 1961 with regard to cash transaction.
One of my clients whose company got incorporated in June 2019., wants to strike off its name from the ROC register with 1 Lakh Share Capital.
Bank account is opened however there has been a single transaction of Rs.25k deposits from the director that is not the whole amount of Share Capital is still receivable.
So my question is do they have to pay the whole share capital and file inc 20-a then go for strike off or inc 20-a showing 25k deposit and with 75k receivable is enough ?
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