Rajbajaj (Consultant) (49 Points)
26 December 2009HI ,
We have recently registered our company as Pvt ltd. However we have not started our business as such as we are still acquiring other resources.
Please let us know if we have to go for annual filings as we dont have figures for balance sheet and profit and loss statement.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 27 December 2009
What is the exact date of incorporation of ur company? As per Section 166 and 210 you have to laid down the Annual Accounts in the AGM within 18 months or within 9 months of the closure of financial year (whichever is stringent)......But ur Financial year can be max. of 15 months without approval.
Even if u havn't started ur business but if u close ur financial year then u have to follow sec. 210 and 166 and hence u have to file the annual accounts within 30 days of AGM........
Feel free to ask in case of any confusion....
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 27 December 2009
In the first Board meeting of the company to be convened after incorporation, you have to decide about the financial year of the company and to make up company's accounts (i.e. Balance Sheet and Profit & Loss A/c) accordingly. Once company is incorporated, the subscribers to MOA / AOA have to contribute for the number of shares subscribed for by them by paying money to the company. After that you can't say that you have no figure for Balance Sheet.
Hence you have to make all applicable annual filing with ROC as well as Income Tax Deptt.
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