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TAXABILITY OF FORFEITED SHARE FOR NON PAYMENT OF CALL MONEY


A private ltd company allotted shares at premium in assessment year 2013-14. The subscriber paid the SHARE APPLICATION MONEY and accordingly shares were allotted. Now the subscriber is not paying call money despite so many reminders. If the company now decide to forfeit these share and cancel the allotment in the AY 2021-22, then the forfeited amount received in the AY 2013-14 will be taxable or not and if yes then in which year it is taxable , in the AY 2013-14 or 2021-22 and at which rate of tax.

Views: 26 | By: NARESH KUMAR



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