Interest paid set off aganist interest received
This query is : Resolved
23 February 2008
Dear Members,
I have a query.
The query is as follows:
Many well known companies (E.g Tata Steel Ltd - Schedule 3: Interest (Page No 124 of the Annual report for the year ended 31.3.2007) in their Schedules forming part of the accounts show Interest paid Less Interest Received. Does this practice conform to Schedule VI to the Companies Act 1956? Or if ICAI has recommended this practice in any of its publications, if so where? ROC's are also raising this question?
Learned Club Members are requested to enlighten me on this practice.
S Venkatesh
I have a query.
The query is as follows:
Many well known companies (E.g Tata Steel Ltd - Schedule 3: Interest (Page No 124 of the Annual report for the year ended 31.3.2007) in their Schedules forming part of the accounts show Interest paid Less Interest Received. Does this practice conform to Schedule VI to the Companies Act 1956? Or if ICAI has recommended this practice in any of its publications, if so where? ROC's are also raising this question?
Learned Club Members are requested to enlighten me on this practice.
S Venkatesh
23 February 2008
Please clarify my query
23 February 2008
As long as the disclosure of payments and receipts are there, nothing wrong in netting.
05 March 2008
COMPANY'S ACT SCHEDULE VI PART I,II,III REQUIRE COMPLETE DISCLOSURES. BUT AT SAME TIME THERE IS NO BAR ON NETTING OF RECEIPTS AGAINST PAYMENTS UNDER SAME HEAD.
SO THIS IS ACCEPTABLE AND HARMLESS PRACTICE.
R.V.RAO
SO THIS IS ACCEPTABLE AND HARMLESS PRACTICE.
R.V.RAO
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
- GST Regis.
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Gst input for FY 23-24
- Bogus purchase treatment for it act gst dealer
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- 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?
Trending Online Classes
CAclubindia
