Bhaskaran Chackrapani Warrier's Expert Profile

Queries Replied : 22307

Graduate of Kerala University.

Fellow member of ICAI.

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GURMEET says : hello
i want to get rank in pcc . but not able to make mine schdule for studies can u help me

Deepi Saini says : winding up under sec. 560 of companies act 1956
Dear Warrier, Thanks for your reply. I was going through the previous queries regd. winding up of co. I found : Experts Home > Audit > Audit report u/s 227 author : M.R.KANNAN Posted On : 10/16/2008 1:17:21 PM A private company has no business activity during the entire year ending 31-03-2008 and it proposes to file a petition for winding up u/s 560 of the Companies act, 1956. As such, it has no profit & loss account for the year. In balance sheet, liability side is represented by paid up share capital and in the asset side, there is an equal amount of profit & loss account balance (Loss). there are no other liabilities or assets. As an auditor of the company, how to draft the audit report? Whether reporting is still to be done covering all aspects referred in section 227(2) and 227(3). Is there any guidance available in the literatures published by ICAI. If so, please furnis the same. Expert : S.Srinivasaraghavan Posted On : 10/16/2008 1:37:50 PM As long as the company is not under liquidation, the provisions of section 227(2) and (3) are applicable not withstanding there was no transaction for the entire period and the share capital is fully written off. Please advice if we are supposed to get audit report prepared and file the same with ROC and Income Tax ?