About me
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What kinds of questions I can and can't answer?
I am a FCS , LLB and ICSA ( UK). I have written many articles and some articles have been published in the Chartered Secretary. To know more about me , please visit my blogs :http://rvsekar.blogspot.com/ http://rvseckarfema.blogspot.com/
My area of expertise
company law , FEMA , Income Tax , International Taxation
My experience in the area (years):
Three decades
Organizations I belong to:
I am working as a " Company Secretary cum Law Officer" in Chandra Group , Kakinada
Publications or writing which has appeared :
Chartered Secretary
Educational credentials:
M.COM F.C.S LLB ICSA (UK)
Award & Honors:
NIL
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Gauri CS, LL.B
says
: Susbscribed capital of Indian subsidiary
If a Foreign holding Company (i.e. 'X') subscribes for Rs. 8,00,000 shares for a newly Private Ltd. Company to be incorporated and now Company is formed say on 3rd April, 2012. X brings only Rs. 2,00,000 on 30th April, 2012. In board meeting conducted on 1st May, 2012 Boar confirms allotment of shares for Rs. 2,00,000 to 'X'. for filing FC-GPR. What will be shown in balance sheet on the closing of financial year for Income tax and Companies act purpose. Subscribed capital and paid up capital. What are the consequences and auditor's remark if entire subscribed capital is not brought before closing of the financial year. In MOA we write minimum paid up capital will be Rs. 1,00,000. Even in Annual return can we show it as Authorised 15,00,000, subscribed 8,00,000 and paid up capital 2,00,000? How it is to be shown for income tax as balance sheet will be dated 31st March, 2013. Nw what will be the decision of the Indian subsidiary co. as per companies act to close financial year on 31st March, 2013 or some other date.
Comment Please
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