Sonam Seth Khanduja (Chartered Accountant) (112 Points)
21 August 2010I WANT TO FILE FORM 23 AC BUT WHILE UPLOADING MCA PORTAL ASK TO UPLOAD FORM 23ACA OR ANY OTHER ATTACHMENT TO FORM 23AC.
AS THE COMPANY HAS NOT STARTED ITS COMMERCIAL PRODUCTION FORM 23 ACA IS NOT APPLICABLE.
IF I UPLOAD THAT FORM THEN I HAVE TO PAY FOR IT.
I NEED HELP ON IT . PLS HELP ME AS SOON AS POSSIBLE.
Hina Sadrani
(c S)
(32 Points)
Replied 21 August 2010
Dear Sonam,
Please find below the extracts of article available on CAClubindia for requirement of profit and loss account:
Many times, we see that many companies which are in startup stage i.e. during construction period and before it is ready for commencing commercial operations do not prepare Profit and Loss Account for the year / period and the total expenditure incurred during such year / period is kept under the head "Pre-Operative Expenditure, pending allocation" - Whether this treatment is correct as per Companies Act, 1956 and whether it complies with the Accounting Standards and Guidance notes issued by the ICAI?
Let us have a glance on the various relevant statutory provisions relating to the same.
Under the Companies Act, 1956:
Section 210(1) states: "At every annual general meeting of a company held in pursuance of Section 166, the Board of Directors of the company shall lay before the company - (a) a balance sheet as at the end of the period specified in sub-section (3); and (b) a profit and loss account for that period."
Section 210(3) states: "The profit and loss account shall relate - (a) in the case of the first annual general meeting of the company, to the period beginning with the incorporation of the company and ending with a day which shall not precede the day of the of the meeting by more than nine months..."
Hence, from the above, every company is required to prepare a profit and loss account from the date of incorporation of the company.
The link for above article is:
Accordingly, first of all, you have to prepare profit and loss account.
secondly, there is no fees for form 23ACA. You will find in challan as "For Form 23ACA - Nil."
THirdly, it is mandatory to file form 23ACA. WIthout that form, form 23AC is not accepted and challan can not be generated.
You can put all the figures as zero in form 23ACA.
hope this will suffice your requirement.
regards...
Sonam Seth Khanduja
(Chartered Accountant)
(112 Points)
Replied 21 August 2010
THANKS FOR THE INFORMATION
I WANT TO KNOW CAN I ATTACH BALANCE SHEET AT PLACE OF P/L A/C IN FORM 23ACA
Hina Sadrani
(c S)
(32 Points)
Replied 21 August 2010
Once I had been advised that I should attach a letter addressed to ROC that P & L Account is not prepared explaining the reasons thereof.
Without attachment, you can not sign form 23ACA.
regards...
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 21 August 2010
you need to file form 23ACA also........
Neha Gupta
(PCS)
(377 Points)
Replied 21 August 2010
Dear u can file form 23ACA with Attaching "Auditors Report" and Balance Sheet that its self reflects the earning Capacity and other financial activies of the Company even though the company is not earning any profits.
This procedure can be followed for future years also because some times for the first 3 or 4 years of incoporation of the Company, it does not have any profits.
I have done filing in the same way for some companies and all those forms are approved by ROC without raising any objections. Form23ACA is a mandatory attachment with Form 23AC so u have to file both the E Forms together.
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8310 Points)
Replied 22 August 2010
| Originally posted by : PCS Neha Gupta | ||
 |
Dear u can file form 23ACA with Attaching "Auditors Report" and Balance Sheet that its self reflects the earning Capacity and other financial activies of the Company even though the company is not earning any profits. This procedure can be followed for future years also because some times for the first 3 or 4 years of incoporation of the Company, it does not have any profits. I have done filing in the same way for some companies and all those forms are approved by ROC without raising any objections. Form23ACA is a mandatory attachment with Form 23AC so u have to file both the E Forms together. |
 |
HARDIK
(COMPANY SECRETARY NCFM (Corporate Governance ))
(664 Points)
Replied 22 August 2010
Agree with opinon of Neha.
palak
(cs)
(385 Points)
Replied 22 August 2010
| Originally posted by : PCS Neha Gupta | ||
|
|
Dear u can file form 23ACA with Attaching "Auditors Report" and Balance Sheet that its self reflects the earning Capacity and other financial activies of the Company even though the company is not earning any profits. This procedure can be followed for future years also because some times for the first 3 or 4 years of incoporation of the Company, it does not have any profits. I have done filing in the same way for some companies and all those forms are approved by ROC without raising any objections. Form23ACA is a mandatory attachment with Form 23AC so u have to file both the E Forms together. |
|
AGREE....WITH NEHA
vivek
(CS)
(751 Points)
Replied 23 August 2010
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