If a Foreign holding Company (i.e. 'X') subscribes for Rs. 8,00,000 shares for a newly Private Ltd. Company to be incorporated and now Company is formed say on 3rd April, 2012. X brings only Rs. 2,00,000 on 30th April, 2012.
In board meeting conducted on 1st May, 2012 Boar confirms allotment of shares for Rs. 2,00,000 to 'X'. for filing FC-GPR.
What will be shown in balance sheet on the closing of financial year for Income tax and Companies act purpose. Subscribed capital and paid up capital. What are the consequences and auditor's remark if entire subscribed capital is not brought before closing of the financial year. In MOA we write minimum paid up capital will be Rs. 1,00,000. Even in Annual return can we show it as Authorised 15,00,000, subscribed 8,00,000 and paid up capital 2,00,000?
How it is to be shown for income tax as balance sheet will be dated 31st March, 2013.
Nw what will be the decision of the Indian subsidiary co. as per companies act to close financial year on 31st March, 2013 or some other date.