27 February 2009
Dear Sir, there is a typical situation in one of my clients. Que:- Minimum 2 Directors are required for formation of a PVT Ltd Co. Now in the case of my client 2 Directors subscribed to Memorandum. Now the point is only one of the Director made the payment for his share capital ie 50000/- and another director forgot to make payment of Rs 50000/- for his share.and he filed his return of income without showing 50000 as his investment in shares of this pvt ltd. while another who has made the payment and acquired his shares has shown in his personal bal sht. Now the Question arise is (1) Return of this Co is not yet file now for filing of return of this co what technical issues arises and how to overcome them. (2) what abt the co.. (3) what abt the director who has not acquired his shares and filed the return??
27 February 2009
In my opinion, you should revise the return of the Director who had forgot to mention the investment in his return. You can not change the position of the company.
27 February 2009
dear sir i have gone through the income tax returns of the director. These directors have filed belated return and closing balance of cash in his account is less then 20000.
CAclubindia
