Query regarding the applicability of revised schedule vi

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vivek garg (Querist)
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13 December 2012 Hi All,

I have a query regarding the applicability of revised schedule VI.

A Company has been incorporated on 08.03.2011 and prepared its first balance sheet for the period of 08.03.2011 to 31.03.2012 as per revised schedule vi.

However, as per MCA notification, revised schedule VI is applicable for Balance Sheet for FY starting on or after 01.04.2011.

Now please share whether the aforesaid Balance Sheet has been correctly prepared (as per revised schedule vi) or not?

Kindly provide your opinion with supporting.

Regards,
CA Vivek Garg

Ajay Mishra

Ajay Mishra (Expert)
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13 December 2012 Hi

I agree with you, but as I think, the FY is ended on 31.03.2012 so it will be accepted in revised Schedule VI.
Most of the company face the same problem and opted the same. As per IT purpose, you FY ended on 31.03.2011 and you filed the ITR for the same year.And For 31.03.2012 you have filed the new ITR.

As per our understanding you should opt the revised Schedule VI.

Regards

vivek garg

vivek garg (Querist)
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15 December 2012 Sir,

I agree with your views.

However I need to prove it with the reference of any section, case law, clarification or any other thing written in law.

Kindly suggest.

Ajay Mishra

Ajay Mishra (Expert)
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15 December 2012 Hi

I don't have any documentary proof otherwise i can send the same. It is only suggestive view of my side.

It will be a good practice if you follow revised Schedule VI.

Regards

vivek garg

vivek garg (Querist)
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16 December 2012 Sir,

I agree.

However, Is there any chance that ROC can send us a notice on non following of old schedule vi as per MCA notification?

Kindly suggest.

Ajay Mishra

Ajay Mishra (Expert)
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16 December 2012 Hi

Yes, ROC can ask the question. There is very confusion about applicability of revised Scedule VI.