Can any one tell me whether Pvt Company can file their first BS as Un-audited BS?
shweta joshi- Naik (Employment) (57 Points)
17 September 2011Can any one tell me whether Pvt Company can file their first BS as Un-audited BS?
AMIT MISHRA
(Legal Professional)
(393 Points)
Replied 17 September 2011
Hi Shweta,
Nothing different in this regard for a Private Company. The Balance Sheet and annual accounts of a Company necessarily need to be the audited before they are filed.
Thanks & Regards
Amit Mishra
BSamrish & Co
New Delhi
Prakash
(Chartered Accountant)
(560 Points)
Replied 17 September 2011
As per Sec 216 and 218, The BS of company shall be accompanied by the
i) Profit and Loss Account
ii) The Auditors report
iii) Board Report
iv) Statements to be attached to the BS u/s 212
As such where the accounts are not audited it would result into contravention of these Provisions
CS Moiz Patharia
(Secretary)
(28 Points)
Replied 18 September 2011
I agree with Prasad...According to the provisions of Companies Act, 1956...the final accounts of private limited company needs to submitted alongwith P&L, BS, auditor's report but in case the private limited company does not have a turnover to attract section 44 AB of Income Tax Act, 1961 then it is not necessary to file audited balance sheet. It has to file the BS with current and previous year figures. As in shweta's case it is its first BS, then only current year figures will do.
Prakash
(Chartered Accountant)
(560 Points)
Replied 18 September 2011
Every Company Registered under Companies Act should get their books of accounts Audited
Irrespective of their turnover, it has nothing to do with Tax Audit Provisions
Moreover the Audit report also, not tax audit report, its the statutory Audit Report required under companies Act 1956
No Exemptions to Private Company
CS Moiz Patharia
(Secretary)
(28 Points)
Replied 18 September 2011
i believed it to be the case of tax audit....otherwise what ever prakash told is correct...auditor's report is required to be filled along with final accounts of a private limited company
Nagam saisameer
(CA FINAL )
(170 Points)
Replied 18 September 2011
No once company forms it should be audited
Akansha
(student)
(92 Points)
Replied 19 September 2011
YES I AGREE WD EVRY1,EVN A PVT COM HAS 2 FILE AN AUDITD B/S AT D AGM.............NO XEMPTIONS 4 A PVT COMPANY..............
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