alleryStart learning →An employee's non-interest security deposit is excluded up to what limit?
AHis annual salary
BSix months' salary
CRs 1 lakh per employee
DThree years' salary
Answer & Solution
Correct answer: A. His annual salary
A non-interest bearing security deposit from an employee escapes deposit status so long as it does not exceed his annual salary.
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Related questions
Where must a company inviting public deposits upload the circular?A deposit circular stays valid for how long after the financial year closes (at most)?Who signs the circular copy sent to the Registrar under Rule 4(5)?On whose authority and name must a deposit circular be issued?An eligible company's public deposit circular is issued in which form?A section 73(2) company can send its member circular by which mode?After issuing the circular, what may a company not reserve a right to do?Who alone is entitled to brokerage on deposits procured for a company?