Urgent-----small comapny
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 April 2015
SIR, FOR CHECKING A SMALL COMPANY BOTH CONDITION (SHARE CAPITAL ,TURNOVER)HAVE TO FULFILLL OR ONLY ONE CONDITION IS SUFFICENT
eXAMPLE IF SMALL COMPANY
1) SHARE CAPITAL IS RS. 60 LACS
2) TURNOVER IS AS PER LAST AUDITED B/S RS. 1.9 CRORES
THEN CASH FLOW REQUIRMENT IS THERE IN THIS CASE
eXAMPLE IF SMALL COMPANY
1) SHARE CAPITAL IS RS. 60 LACS
2) TURNOVER IS AS PER LAST AUDITED B/S RS. 1.9 CRORES
THEN CASH FLOW REQUIRMENT IS THERE IN THIS CASE
09 April 2015
Both conditions are to be satisfied in view of the substitution of 'or' with 'and'in section 2(85). Accordingly, if the paid up share capital exceeds 50 lakhs, though the turn over < 2 crores ,it is not a small company, meaning thereby cash flow statement becomes mandatory.
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