Accounting

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Ajay S.Yadav (Querist)
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22 December 2016 Dear Experts, kindly guide me in following issues 1. Date of incorporation of the company is 25/02/2016. Is it mandatory for Company to file income tax return under income tax act and Annual Return with Roc. Though there is pre operative expenses only. 2. As on 31/03/2016 the Company doesn't have any bank account. So the directors have paid the amount of share capital in f.y.2016-17. So question is that whether i have to show the amt of share capital in balance sheet of f.y.2015-16. If Yes what will be the entry? How to represent it in schedule to balance sheet. 3. What will be last date of AGM? And filing Annual return since this will be First AGM and First Return of the company. plz guide.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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22 December 2016 Yes, first year company can extend balance sheet upto 15 months, so you can prepare balance sheet 31st March 2017.

First AGM to be held within 9 Months from the closing of financial year , hence it is not necessary for company to hold any agm in the year of Incorporation.
Subsequently AGM to be held within 6 months from the closer of financial year.
The gap 2 AGM shall not exceed 15Months

Ajay S.Yadav

Ajay S.Yadav (Querist)
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23 December 2016 dear Expert can u please quote a section?

Ajay S.Yadav

Ajay S.Yadav (Querist)
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23 December 2016 do i need to file any form with ROC in this regard? What will be scenario under income tax ?

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