Dear All,

I am having query of following nature

A user dept fails to provide provision of an expense in year end.

Now they have submitted the bills to accounts

Accounts guy is telling him that he can pay only 65% of bill as company has already loast exposure of corporate tax @ 35% of this expense due to being unprovisoned expense.

What is the correct way to tacking such issue

whether schedule VI is applicable for financial year 2010-11 or 2011-12 onward

1) Can a private limited company accepts share application from relatives in cash and to what extent?

2) Can it issue shares against amount received in cash?

1 employee of my company leaves the job on 31.07.11 for 3 months and he comes back after 3 months and his his salary increas from 01.04.11 to 31.07.11 now he wants his 4 months arrear, what is procedure ?

Can anybody please guide me the procedure for online incorporation of company which is now possible from this very date i.e. 11th August,2011 as mentioned in General Circular No. 49/2011 no.2/10/2011-CL. V, issued by MCA

What are the formalities of Companies Act and RBI if a NRI wants to invest in indian private limited company by way of shares? Please inform formalities for both NRI and company. Is it permissible to obtain loan from NRI by a private limited company? What are the legal formalities for this?

As the revised schedule VI is applicable from 1.04.2011, what would be the implications if the company gets it accounts prepared as per revised schedule VI for the year 2010-11.

Will it be non compliance if the accounts for the year 2010-11 are not prepared as per the existing Sch VI provisions since the legal validity of revised sch VI comes into effect from 1.4.11.

Views are solicited ...

A company is engaged in the development of ports. For financing the development, it had applied for an ECB. While it was waiting for the sanction of ECB by the lender, it had obtained short term rupee advances from its group companies to meet the expenses related to the development of port. Now the ECB loan is sanctioned and the funds are received by the company. Can the company utilise the ECB loan amount to repay the short term rupee advances it obtained from group companies?. Will it be covered under the end uses that are not permitted as per the ECB norms?

formate of common seal register to be maintain by the company.

whether provisions, if any are applicable to a pvt. ltd. company

how i calculate interest u/s 234 b & C of Company as on 31.07.11 for the a.y.2011-12 total income tax is 1513747/- & advance tax paid as on 15.03.11 is Rs.1200000/-. how to calculate no. of months and what is rate of interest.