Consolidation of financial statements for f.y 2014-15
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 August 2015
There is one private comany ABC Pvt. Ltd.having
a) wholly owned foreign subsidiary co,
b) wholly owned Indian Subsidiary co.
c) Two more Indian subsidiary companies but not wholly owned?
Is consolidation of Financial Statements of subsidiaries of ABC Pvt. Ltd. is required for F.Y. 2014-15?
Please reply
a) wholly owned foreign subsidiary co,
b) wholly owned Indian Subsidiary co.
c) Two more Indian subsidiary companies but not wholly owned?
Is consolidation of Financial Statements of subsidiaries of ABC Pvt. Ltd. is required for F.Y. 2014-15?
Please reply
07 August 2015
Yes Consolidation is required in above mention situations.
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2015
Sir Can u please refer notification issued by MCA on 16.01.2015 . it states that :
(ii) in rule 6, after the third proviso, the following proviso shall be inserted, namely :—
“Provided also that nothing in this rule shall apply in respect of consolidation of financial
statement by a company having subsidiary or subsidiaries incorporated outside India only for
the financial year commencing on or after 1st April, 2014.
So there is confusion whether it Exempts only company having subsidiary or subsidiaries incorporated outside India
or
those company having Indian Subsidiary alongwith having subsidiary or subsidiaries incorporated outside India ?
(ii) in rule 6, after the third proviso, the following proviso shall be inserted, namely :—
“Provided also that nothing in this rule shall apply in respect of consolidation of financial
statement by a company having subsidiary or subsidiaries incorporated outside India only for
the financial year commencing on or after 1st April, 2014.
So there is confusion whether it Exempts only company having subsidiary or subsidiaries incorporated outside India
or
those company having Indian Subsidiary alongwith having subsidiary or subsidiaries incorporated outside India ?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
