compqny cannot make donation excess 5% avg 3 yr profit to political party .but wat if company made excess contribition wat is it side effect
9 Replies
Jhimmi Singh
(235 Points)
Replied 22 November 2016
actually the limit of donation or contribution to political party is excess of 7.5% of avg 3 yr past profit
Jhimmi Singh
(235 Points)
Replied 22 November 2016
contribution in excess of specified % amounts to contravention of provision of the company's act will amount to fine
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 22 November 2016
Initially this point should be highlighted by the Auditor in his Audit report and reported under suitable head if any while doing tge annual compliances under the Cos ACT.
manisha
(cs)
(1118 Points)
Replied 23 November 2016
wat is limit of donation for chartity nd wat is fine there by co.
Jhimmi Singh
(235 Points)
Replied 23 November 2016
co can donate to Bonafide charitable vand other funds
Jhimmi Singh
(235 Points)
Replied 23 November 2016
in excess of 5% of the avg net profit of preceeding 3 years by approval in general meeting
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