Dear Friends,
Kindly give your valuable opinions on queries of RBI Reporting are as follows:
Query No. a) A is share applicant and subscribed for INT 50000/- (5000 equity shares of Rs 10/- each) but while transferring payment he deposited INR 72000/- . What treatment should we give to excess amount INR 22,000/-
Query No. b)
-ABCXYZ Private Limited incorporated as on 12/06/2013. Three subscribes are foreigners i.e. Mr. A and Mr. B and XYZ Co.
- XYZ Company transferred INR 10 Lakhs to Companies Bank account and Descripttion given in FIRC is " RECEIPTS FOR OTHER SERVICES NOT INCLUDED" as on 16.08.2013
- XYZ Company transferred INR 15 Lakhs to Companies Bank account and Descripttion given in FIRC is " RECEIPTS FOR OTHER SERVICES NOT INCLUDED" as on 15.03.2014
- Mr. A transferred INR 6 Lakhs to Companies Bank Account where descripttion in FIRC is given " Received from Non Resident fro Family maintenance" as on 13.06.2014.
Till today Company has not done any FCGPR Reporting.
My question is wherever FIRC is sayng RECEIPTS OF MONEY FOR CAPITAL" I ll do allotment of shares and do condonation of delay for reporting. But when FIRC itself is describing other REASON for infusion of money to Companies Bank Account. What should I do ?
With warm regards
CAclubindia
