XYZ is a public limited company having six directors. Three Directors have obtained DIN and DIN-3 has been filed with ROC in the year 2007. There is no communication from the balance three directors for the past two years and their whereabouts is not traceable. Due to the above the company could not file DIN-3 with ROC. Further while filing Form 20B (Annual Return) the company is required to give the details of all its six directors. Since DIN of the three absonding directors are not available the company cannot fill up the details in Form 20B. If the situation is allowed to continue the company cannot file the Annual Return with ROC leading to violation.

MCA or the department has not come out with a proper solution for filing Form 32 for absconding directors.

To overcome the above said problem I have devised a plan of action.

Since the three absonding directors have not attended any board meetings from April 2008 onwards they shall vacate their office automatically as per the provisions of Section 283(1)(g) of the Act.

The Board of Directors at their meeting held on 01.09.2009 (accounts meeting) will take on record the vacation of office by these directors. It will be properly recorded in the minutes.

The company has to file Form 32 with ROC within 30 days (on or before 30.09.2009). In the absence of DIN the company cannot file Form 32.

The Company will prepare a detailed letter addressed to ROC. The company will also prepare a manual Form 32 for the vacating three directors. Both the letter and Form 32 will be signed by a Director.

The above said letter and Form 32 will be scanned and attached with Form 20B (Annual Return form). However details of continuing directors who has obtained DIN will be duly filled in Form 20B. Form 20B will be uploaded to MCA portal and fees will be remitted.

As regards fees for Form 32 the company will make the payment under Miscellaneous Payment route, generate the challan and keep the same on record.

Form 20B will be approved under Straight Through Process mode and there will not be any query for the time being from ROC.

However there is a likely chance that the company may get a notice from ROC in future. At that time the company will submit the details to ROC. The company wil also highlight to ROC that it has attached a detailed letter alongwith Form 32 with Form 20B. Fees for Form 32 has also been remitted to the government under miscellaneous payment option.

Valued Members are hereby requested to inform me whether the action plan is workable. Whether any other violation will crop up in future.

(Note: I understand from some of my friends that ROC, Pondichery is allowing the companies to file Form 32 for directors who do not possess DIN. The companies concerned have to manually prepare a Form 32 sign it and scan the same. The duly signed manual Form 32 has to be attached with Form 66 and filed online. ROC, Pondichery is approving the Form 66)

with regards

Muralidharan

In case of Pvt Ltd Company, Labour Charges were paid(to another Ltd Co.)But TDS was not deducted at all . amount of payment was above Rs. 20000/-.
Now this exps was capitalised.
Wat will be the cosequence of non deducting the TDS???? under wat SEction under Income tax Act 1961???
Will the depreciation claimed for the same be disallowed.????
Is there any penalty or interest applicable.
If we claim it as expense will it be fully disallowed ???????.

Urgent????

WHAT IS LATEST RATE OF TDS UNDER SEC . 194 A

Dear Sir

Regards

i did'nt find answer in forum discussion
I request you to solve my problem-

One of my client has entered in to an Transporting agreement with Coal mining company which reads as under

“The Ex Serviceman Transport Company xyz Coal Carriers Private Limited should procure its own Tipping Trucks as per present requirement with provision to deploy more Tipping Trucks on the sole discretion of management for Transportation of Coal from the companies various quarries/faces/Bunkers/Surface/stock/CHPs/Feeder Breakers as per directives of the Chief general manager/General manager of the area on the terms and condition mentioned hereunder and the aforesaid Ex-Serviceman Transport companies Having agreed to the terms and condition offered to them.”

The mining company is paying GTA on transport charges availing abatement of 75% and asked our client to give declaration that we shall not avail benefit of CENVAT credit in any account.

Now the case is :

My Client xyz has arranged some trucks from Ex service men and deployed them in performance of above work (Main contract).

however my client is neither paying any tax nor taking credit of any CENVAT whereas
Deapartment is asking us to pay tax as GTA on amount paid to individual truck owners who actually performed the work ?

there is clearly doble taxation on single service and coal company is not able to take credit of tax which has been asked to pay by us, as they are taking benefit of abatement.

how can we avoid paying double tax?????

Thanks and regards
CA SAMEER SINGH

How to account for exhange difference on raw materials imported ? What are the accounting effects and what are the AS 11 requirements in this respect ?

TDS deducted in jun'08 deposited now in Sep'09 before the due date of filing return. so will the expenditure on which TDS is deposited late by will allowable for 2008-09 or it will be allwd in 2009-10?

One of my client req Digital Signature. From where I got this? Hw it will cost?

what is the entry foe deffered tax in books of accounts.
pls give both i.e deffered tax asset ,deffered tax liability.given it jounalised entry way

urgent

Hey I am a PCC student... I have mt attempt in may 2010. I want to know which books should i prefer to study.. Kindly tell me.. I am not taking any coaching classes..
So which books will help me..
Plz reply at the earliest..

Regards
Anushree Bafna

Under which section TDS on maintenance charges of property is applicable??


Regards