09 February 2010
I have a query regarding s.560. A private company, incorporated one year back, has not opened its bank accounts (and no operations, nothing).
They want to proceed for winding up now (At the earliest possible).
If they opt s.560, they need to appoint auditor to prepare annual accounts etc, but they dont have bank account yet.
09 February 2010
How is having / not having a bank account affect appointment of auditor? You can appoint the auditor. The other section under income tax like TDS, payments in cash etc. should be considered
But having bank account affect appointment of auditor because without money the Company cannot appoint any auditor. Also, the company cannot make any payment without having a bank account in place, hence TDS provisions cannot be applied.
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