niloy sanyal (account manager) (777 Points)
12 September 2014Our Co. Name: ABS Pvt. Ltd.
Our Customer Name(Sundry Debtor) - Simplex
Advance shown 31/03/2013 (As per Balance Sheet) Rs. 74000
Again Advance shown 31/03/2014 (As per Balance Sheet) Rs. 74000
No any transaction/ Invoice create previous Financial Year i.e. 2013-14.
please suggest us is it compulsory to intimation ROC for this . If yes then suggest us procedure.
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 15 September 2014
No intimation is required for past period since the new provision has come into force from 1.4.2014 only.
Niraj
(prop)
(105 Points)
Replied 17 September 2014
Dear Sir
There is period of 365 days for advance money of business transactions.
In same of my query, do this 365 days will be count from 01-04-2014 or from original date when the money was actually received.
CAclubindia
