Whether advance taken from customers by real estate company on which no interest has been paid will be treated as advance or deposit as per the Companies Act 2013?

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As per the Rule 2(xii) of the Companies (Acceptance of Deposits) Rules, 2014, any amount received in the course of, or for the purposes of the business of the company – as advance, accounted for in any manner whatsoever, received in connection with consideration for property under an agreement or arrangement is exempted from the… Read more »