CA Atul Chauhan (CA Practice) (198 Points)
14 March 2013Can a CA sign the balance sheet of a private company of the year 2008-09,2009-10,2010-11 and 2011-12.Actually one of the director of this company has expired and company has not started any work now son of that director want to regularize the work of this company.Please tell me the procedure of compliance and penalty.And things should be checked before sign the financial statement.
Thanks in advance
CA MANOJ
(CA, MBA, B.Com)
(141 Points)
Replied 10 April 2013
There are a ;ist of contravention of provisions
as the financial statements are not yet signed means ITR also not filled and ITR (obviously belated) can be filled only upto the end of 1 year of relevant financial year.
means u can file itr only for AY2012-13 & Ay 2013-14 now
some other provisions which will be applicable as if company liable for tax audit then contravention of Section 44AB of Income tax act 1961.
Further if AGM not held then penalty fro same as 21 days notice required for to send notice for AGM.
CA should have to give a speacial attention to company act & income tax provisions and also other related provisions.
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