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Query Posted : 745
Query Replied : 745
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  • CSR
    by Karan on Tuesday, January 16, 2018  at 10:48 AM

    Whether contribution towards disaster relief qualifies as CSR or not

  • IPO Expenses
    by Rao KS on Tuesday, December 26, 2017  at 07:35 PM

    In case of Offer for sale, the share holder is selling the shares, which IPO expenses to be reimbursed to the company by share holder as per CA sec.28(3). The IPO expenses incurred by company, which reimbursed subsequently by share holder to the company, which offer for sale made by share holder holding >10% shares, Is it will covered and treated as deemed dividend U/s.2(22)(e) of the Income Tax Act.

  • Shifting of RO
    by GURPREET KAUR on Thursday, December 21, 2017  at 04:07 PM

    As per the notification dated 27, july, 2017, we need to file copy of advertisement published immediately on its publication. pls confirm what should be the mode of filing with central government and what does immediately here mean???//

  • Investment
    by Karan on Friday, December 15, 2017  at 03:01 PM

    Can a Loss making Indian Co. invest into its foreign subsidiary under ODI norms?

  • Meaning of Borrowings
    by Virender chaudhry on Saturday, December 09, 2017  at 03:59 PM

    Whether the word borrowings, as mentioned in various prescribed limits for applicability of respective sections of the companies act, 2013, includes short term borrowings viz cash credit limit and non fund based borrowings viz letter of credit, bank guarantee also, from banks and public financial institutions.

  • PRESENTATION IN FINANCIAL STATEMENTS
    by MUKESH on Sunday, November 19, 2017  at 02:45 PM

    A CO.HAS WRITTEN BACK DEPRECIATION CHARGED WRONGLY IN PRIOR YRS.ON LAND.IT CONSIDERS THIS AS A PRIOR PERIOD ITEM & WANTS TO SHOW IT UNDER THE HEAD OTHER INCOME IN THE STATEMENT OF P&L.THE ITEM APPEARS SEPARATELY 'DEP.WRITTEN BACK' IN THE OTHER INCOME NOTE ANNEXED TO THE P&L.A SEPARATE NOTE GIVING THE FULL DETAILS OF THE WRITE BACK IS INCLUDED IN THE FINANCIAL STATEMENTS. THE AUDITOR ALSO GIVES ITS DETAILS IN HIS REPORT. DOES THIS PRESENTATION FULFILLS THE NEED OF ACCOUNTING STANDARD 5 & ACT.

  • Consolidation of accounts of an Associate Company
    by Rajesh on Wednesday, November 08, 2017  at 12:32 PM

    X Ltd is an associate company of Y Ltd,as Y Ltd holds more than 25% of share capital in X ltd.Whether Consolidation of accounts is necessary for Y Ltd? The provisions of ACT in 129 requires consolidation in the manner laid down rules.Rules refer Schedule III of CA 2013 and AS. As per AS 21, Y Ltd need not consolidate its accounts,since it has only less than 50% ownership in X Ltd. Whether it is sufficient if Y Ltd disclose reason for not consolidating as per Note 4 of Sch III ?

  • CAPITAL RESERVES
    by MUKESH GOEL on Sunday, November 05, 2017  at 02:42 PM

    IN CONTINUATION OF MY QUERY POSTED ON THE SUBJECT ON 4.11.17 & THANKS FOR THE REPLY,IF CAPITAL RESERVES HAVE TO BE REVERSED THEN IT MEANS THAT WHOLE SALE CONSIDERATION OF INVESTMENTS WILL BE GAIN ON SALE OF INVESTMENTS AND CAPITAL RESERVES WILL BE REVERSED AGNST THE AMOUNT OF INVESTMENTS.THE WHOLE PROFIT THEN WILL BE SUBJECT TO MAT UNDER IT LAWS IF TAXABILITY IS AS PER MAT. AM I CORRECT. THE ORIGINAL ENTRY OF INVESTMENTS IS 16 YRS OLD SO NOT GETTING TRACK.

  • CAPITAL RESERVE
    by MUKESH GOEL on Saturday, November 04, 2017  at 02:04 PM

    A NON BANKING FINANCE COMPANY DEBITED INVESTMENTS AND CREDITED CAPITAL RESERVES FEW YEARS BACK FOR INVESTMENTS ACQUIRED WITHOUT ANY CONSIDERATION. IN THE CURRENT YEAR THOSE INVESTMENTS WERE SOLD AT A PROFIT. THE COST OF THE INVESTMENTS WAS CREDITED TO THE INVESTMENTS AND PROFIT TO THE P& L ACCOUNT.WHAT WILL NOW BE THE TREATMENT OF AMOUNT STANDING TO THE CREDIT OF CAPITAL RESERVES.

  • Classification of Nature of Loan
    by Kaushik on Sunday, October 29, 2017  at 03:26 PM

    We have purchased car on loan in the name of director. The car is used by company and reflected in the fixed assets schedule of the company balance sheet. loan installment is paid by company. The car is hypothecated but no charge is registered in the name of company. 1. Whether this arrangement is as per companies act 2. Whether the loan will be classified as secured loan or unsecured loan

  • Director remuneration
    by Karan on Wednesday, October 04, 2017  at 12:51 PM

    Whether Balance Sheet can be considered as an acknowledgement of debt towards directors outstanding remuneration? If yes, then how director can claim himself as a creditor just by signing his own financial statement

  • Vacation of office of director
    by Kamal Garg on Sunday, October 01, 2017  at 12:03 PM

    If Mr. X is a director in ABC Limited, PQR Limited and DEF Limited and ABC Limited made a default in annual filing as mentioned u/s 164(2)(a), then whether he need to vacate offices in all the three companies. The reason this question is asked is that pursuant ti recent RoC action Mr. X seems to have been facing vacation from all the offices

  • Rotation of Auditor
    by MUKESH GOEL on Wednesday, September 27, 2017  at 01:39 PM

    AN UNLISTED PUBLIC COMPANY IS OUT OF THE PURVIEW OF SEC 139(2) TILL FY 2016-17 WHEN ITS PAID UP CAPITAL IS RAISED OVER 10 CRORES ON 31.3.2017. THE AUDIT FIRM OF THE COMPANY IS THE AUDITOR FOR THE LAST MORE THAN 15 YEARS. WILL THE COMPANY HAVE TO CHANGE THE AUDITOR FOR THE NEXT FY 2017-18 OR THE TIME LIMITATION STARTS FROM THE CURRENT FY 2016-17.

  • NCLT
    by Kamal Garg on Tuesday, September 26, 2017  at 11:15 AM

    Sir what is the procedure and Form for seeking adjournment and filing rejoinders before NCLT

  • Disqualification of Director
    by Karan on Saturday, September 23, 2017  at 11:17 AM

    When the disqualification shall be removed? 1) Once Company has filed annual return/ financial statement for last three years 2) The period of five years has been lapsed. 3) 1, 2 whichever is earlier 4) 1, 2 whichever is later

  • Disqualification of Director
    by Aditi Mittal on Friday, September 15, 2017  at 10:44 AM

    A Pvt. Ltd. company had not filed its 5 years Annual filing Returns has been struck off by the ROC and the Director of the Company is in the Disqualified Director List of ROC. My query is : 1) As per Section 164 (2), if any director disqualifies then for 5 years he cannot be appointed/reappointed as Directors of the Company, whether this disqualification would also be for the existing companies in which he has the directorship and whether he has to vacate the office in the said situation?

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