Companies other than banking companies and NBFCs, as defined in the Reserve Bank of India Act 1934, may accept deposits after fulfilling the conditions set out below; Private companies may accept deposits from their members after passing a general resolution at a general meeting and in accordance with section 73 of the Companies Act 2013, ”deposit” includes any receipt of money through a deposit or loan in any other form by a company, but the company cannot accept deposits from members as well as the public in accordance with sections 73 to 76. of the Companies Act 2013, The provisions of sections 73 to 76 of the Companies Act 2013 and the adoption of filing rules by companies, 2014 apply to all companies except: – Very happy to stumble upon this useful article. It is important to note that any business that accepts funds that are deposits or not (exempt deposits) or both must file an annual tax return on Form DPT-3 no later than June 30 of each year. Since I went through your blog and found it informative, I would appreciate it if you visited my blog and shared your valuable comments: bit.ly/3DqDCIa Like the Companies Act of 2013, ”deposit” includes any receipt of money in the form of deposits or loans or in any other form by a company, but not the categories of amounts required by Rule 2(c) of the Rules for Companies (Acceptance of Deposits). 2014. Refundable on notification within a period of less than six months or more than thirty-six months from the date of acceptance or renewal of such a deposit Reference taxguru.in/company-law/acceptance-deposits-companies-members.html Any amount received by a company of another company. Exception – The Company may accept or renew such deposits provided that such deposits do not exceed 10% of the Paid-up Share Capital of the Company and the Free Reserves and Securities Premium Account and that such deposits can be repaid no earlier than 3 months from the date of such deposits or renewal. 3. Within 30 days of this acceptance of its assets, create a fee of an amount at least equal to the amount of deposits accepted 1.Es is a start-up for 5 years from the date of its creation2.
This meets all of the following conditions:o is not a partner or subsidiary of another corporation; o Loans of such a company to banks or financial institutions or to a legal person represent less than twice its paid-up share capital or Rs. 50 crores, whichever is lower, and that such an enterprise has not defaulted on the repayment of such loans that existed at the time of acceptance of deposits u/s 73 Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014 stipulates that the deposit includes any receipt of money in the form of a loan or deposit, unless: Communication CSF 464(E) of 5 June 2015 provides for an exemption for limited liability companies from the obligation to adopt a special resolution on loans beyond the sum of the paid-up share capital, free reserves and the premium account on securities of the company. 5. Commercial advances (amount received in connection with or for the purposes of the Company`s business activities): The Company shall not accept deposits repayable upon request or the provisions of section 73(2) of the Companies Act, 2013, read in conjunction with Rule 3(3) of the Companies Rules, 2014 (Acceptance of Deposits), limit a company to accepting or renewing the deposits of its members, if the amount of such deposits, as well as the amount of other deposits outstanding at the time of acceptance or renewal of such deposits, exceeds 35 % [thirty-five per cent] of the sum of the paid-up share capital, free reserves and securities premium account of the company […].