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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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