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Hello! Want to volantarily wind up a 20 year old private limited company (family held) which has not done any active business for over 10 years now. It does not have any debts or any legal dues either. However it has certain liquid cash in the bank. The question is; before its closure is it possible to transfer the amount to the original promoters or its shareholders? What will be the tax impact at the hands of the shareholders? All fillings at ROC and ITR is updated and currently has no tax dues. Please advice

 

Company can be wound up voluntarily under the provisions of:

 


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