Annual return filing under companies act, 2013
This query is : Resolved
18 December 2015
Dear Experts
Facts:
A company having a paid-up share capital of Rs. 30,00,000 and a Turnover of Rs. 4 crores in FY 2014-15 and Rs. 1 Crore in FY 2013-14 is a Small company as per Section 2(85) of the companies act, 2013, as the turnover should not exceed 2 crores as per LAST Profit & Loss account, i.e. FY 2013-14 P&L.
But, there is a practical problem in filing the annual returns.
The CS stated that, during pre-scrutiny, the form states that the Company Secretary signature is required as the turnover for the FY 2014-15 is Rs. 4 crores. Hence, he asked me to prepare the Cash Flow statements and CARO (as the borrowings exceed 25 lakhs).
My Query:
1. Should i ask the CS to sign the annual return WITHOUT the Cash Flow Statements and CARO ? And, if so, will it result in any problems with the MCA in future?
2. Should i prepare the Cash Flow Statements and CARO and file the Return with the CS just to be safe?
Thank You
Facts:
A company having a paid-up share capital of Rs. 30,00,000 and a Turnover of Rs. 4 crores in FY 2014-15 and Rs. 1 Crore in FY 2013-14 is a Small company as per Section 2(85) of the companies act, 2013, as the turnover should not exceed 2 crores as per LAST Profit & Loss account, i.e. FY 2013-14 P&L.
But, there is a practical problem in filing the annual returns.
The CS stated that, during pre-scrutiny, the form states that the Company Secretary signature is required as the turnover for the FY 2014-15 is Rs. 4 crores. Hence, he asked me to prepare the Cash Flow statements and CARO (as the borrowings exceed 25 lakhs).
My Query:
1. Should i ask the CS to sign the annual return WITHOUT the Cash Flow Statements and CARO ? And, if so, will it result in any problems with the MCA in future?
2. Should i prepare the Cash Flow Statements and CARO and file the Return with the CS just to be safe?
Thank You
18 December 2015
Your company's status at the time of filing the Form is not a small company (considering turnover of FY 2014-15). Hence, you are required to prepare CFS and CARO.
It is not a point of being in a safer side, it is actually mandatory in your case.
It is not a point of being in a safer side, it is actually mandatory in your case.
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22 December 2015
Hi Pratik
Thank you for the reply. Yes, I realized that i may have to prepare the CFS & CARO as the due date is near. However, it makes me wonder if, by "last Profit and Loss account", they mean the P&L prepared for the immediately preceeding financial year (FY 2014-15). Because, they don't state Audited P&L in 2(85) definition.
Thank you for the reply. Yes, I realized that i may have to prepare the CFS & CARO as the due date is near. However, it makes me wonder if, by "last Profit and Loss account", they mean the P&L prepared for the immediately preceeding financial year (FY 2014-15). Because, they don't state Audited P&L in 2(85) definition.
22 December 2015
That's what I told you. You are filing the Financials today. Your company becomes small company based on turnover of immediately preceding financial year I.e. FY 2014-15.
I hope this clarifies your doubt.
I hope this clarifies your doubt.
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