ROC Form 52

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Chetan (Querist)
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28 November 2007 As a foreign co.we need to file form 52 with ROC along with foreign accounts as well as indian accounts...

Our company does not maintained any accounts as compnay income is calculated under deemed profir u/s 44 BB.

Can we file foreign accounts with RBI ?

RBI will accept our Form 52?

KInldy advise

Chetan

Chetan

Chetan (Querist)
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28 November 2007 pl.reply

R.V.RAO

R.V.RAO (Expert)
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29 November 2007 FORM 52 UNDER RULE 18 OF COMPANIES (CENTRAL GOVT.'S)GENERAL RULES AND FORMS UNDER COMPANIES ACT 1956 STATES THAT NOTICE OF ANY ALTERATIONS IN ANY INSTRUMENT REFERED IN CLAUSE (a) OF SEC 593( MEMORANDUM OR ARTICLES OR CHATER OF A FOREIGN COMPANY) OR ANY PARTICULARS REFERED IN CLAUSE (b) or (c)(REGD. OFF.,AND DIRECTORS OR SCRETARY OF A FOREIGN COMPANY ) SHALL BE DELIVERED TO ROC ON OR BEFORE 31 ST JANUARY OF THE YEAR FOLLOWING THE YEAR IN WHICH THE ALTERATION WAS MADE.
ALTERATIONS IN CLAUSE (d) or (e) of sec. 593 TO DELIVER TO ROC WITHIN ONE MONTH OF ALTERATION.
2. AS FAR AS FILING OF ACCOUNTS ARE CONCERNED RULE 18 A SAYS , THE TIME LIMIT TO FILE THE SAME WITH ROC IS 9 MONTHS OF CLOSE OF FINANCIAL YEAR (EXTENDABLE BY 3 MONTHS BY ROC)
3.ABOUT ANNUAL RETURN BY A FOREIGN COMPANY HAVING SHARE CAPITAL,UNDER SEC 159, THE TIME LIMIT TO FILE WITH ROC IS 60 DAYS FROM LAST DAY OF FIN. YEAR .

WHILE THE ABOVE POSITION IS UNDER COMPANY LAW AND ROC ABOUT NOTICE OF CHANGE IN PRICIPAL PLACE OF BUSINESS AND ACCOUNTS AND A/R FILING ETC..., IAM AFRAID FORM 52 IS NOT APPLICABLE TO RBI BECAUSE OF THE FOLLOWING POSITION.
AS PER RBI REGULATION 5 ,FILING OF AUDITED ACCOUNTS WITH RBI ARISES ONLY ON REMITTANCE OF PROFIT OR REMITTANCE OF SURPLUS ON PROJECT AS STATED BELOW.

Remittance of Profit or Surplus:
A person resident outside India permitted by the Reserve Bank under Regulation 5, to establish a branch or Project Office in India may remit outside India the profit of the branch or surplus of the Project on its completion, net of applicable Indian taxes, on production of the following documents, and establishing the net profit or surplus, as the case may be, to the satisfaction of the authorized dealer through whom the remittance is effected.

For remittance of profit of a branch, -

a) certified copy of the audited balance-sheet and profit and loss account for the

relevant year;

b) a Chartered Accountant’s certificate certifying, -

i) the manner of arriving at the remittable profit,

ii) that the entire remittable profit has been earned by undertaking the

permitted activities, and

iii) that the profit does not include any profit on revaluation of the assets

of the branch.

For remittance of surplus on completion of the Project, -

certified copy of the final audited Project accounts; a Chartered Accountant’s certificate showing the manner of arriving at the remittable surplus; income tax assessment order or either documentary evidence showing payment of income tax and other applicable taxes, or a Chartered Accountant’s certificate stating that sufficient funds have been set aside for meeting all Indian tax liabilities; and auditor’s certificate stating that no statutory liabilities in respect of the Project are outstanding.
Source: http://EzineArticles.com/
(sri.sanjay_Singh_Somwanshi)
R.V.RAO

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