Paid up capital & Income tax return

ITR Filing 1529 views 2 replies

vaishali

accountant

52 Points Posted on 24 December 2010

My queries are regarding Paid up Capital of Pvt. Ltd. Co. & income tax return filed for F.Y.2009-10 of Pvt. Ltd. Co.

Authorised Capital Rs.50 Lac ( 50000 Shares of Rs.100/- each ) :- Shown Ok in Bal Sheet

Paid up Capital minimum Rs.5 Lac ( 5000 Shares of Rs.100/- each ) :- Shown Rs.3Lc only & that is also not as per contribution of each shareholder.

Income Tax return has already been filed with dept.

Shares Holders       No. of Shares    Amt. ( in Rs.)       Actually recd.

     A                       2550                 Rs.2,55,000/-      Rs.118000/- 20.2.10 ( but from
                                                    A's Prop. firm not from indivi a/c )


    B                          1200                 Rs.1,20,000/-       Rs.2,50,000/- ( excess
                                                                                   recd.Rs.1,30,000/- but not shown
                                                                                   as loan in FY 2009-10 )

    C                          1050                 Rs.1,05,000/-      Rs.50,000/- 13.3.10
                                                                                (short recd.Rs.55000/- n till dt. not
                                                                                      recd. )

    D            200     Rs.20,000/-           Rs.200000/- 13.09.10
                                                                                          ( excess Rs.180000)

     Paid up Capital Shown in finalised Bal sheet of FY 2009-10, Rs.3Lac only instead of Rs.5Lac
      Rs.3Lc        :- B's Rs.250000/-
                          C's Rs.50,000/-

Is it possible to file revise return for FY. 2009-10 and if yes how can we show the shares contribution before Mar 2010 ? and what about indivi. return of shareholders ? Amending Articles of Co. is possible ? fees n everything ? what is the solution for this problem ?

Replies (2)

Sagar Kulkarni

Articled Assistant

85 Points Posted on 24 December 2010

Answers to your querries are :

1) It is possible to file revise return for FY. 2009-10.

2) It is also advisable to revise or change the Balance Sheet for F.Y. 2009-10 with following changes :

a. Rs. 137000/- receivable from A be shown as Calls-in-Arrears. The fact that Rs. 118000 are received from A's Proprietorship has no bearing whatsoever over the situation.

b. Rs. 130000/- be shown as Unsecured Loan from B.

c. Rs. 50000/- receivable from C be shown as Calls-in-Arrears.

d. Rs. 20000/- receivable as on 31.03.2010 from D be shown as Calls-in-Arrears.

vaishali

accountant

52 Points Posted on 29 December 2010

Originally posted by : vaishali
	My queries are regarding Paid up Capital of Pvt. Ltd. Co. & income tax return filed for F.Y.2009-10 of Pvt. Ltd. Co. Authorised Capital Rs.50 Lac ( 50000 Shares of Rs.100/- each ) :- Shown Ok in Bal Sheet Paid up Capital minimum Rs.5 Lac ( 5000 Shares of Rs.100/- each ) :- Shown Rs.3Lc only & that is also not as per contribution of each shareholder. Income Tax return has already been filed with dept. Shares Holders No. of Shares Amt. ( in Rs.) Actually recd. A 2550 Rs.2,55,000/- Rs.118000/- 20.2.10 ( but from A's Prop. firm not from indivi a/c ) B 1200 Rs.1,20,000/- Rs.2,50,000/- ( excess recd.Rs.1,30,000/- but not shown as loan in FY 2009-10 ) C 1050 Rs.1,05,000/- Rs.50,000/- 13.3.10 (short recd.Rs.55000/- n till dt. not recd. ) D 200 Rs.20,000/- Rs.200000/- 13.09.10 ( excess Rs.180000) Paid up Capital Shown in finalised Bal sheet of FY 2009-10, Rs.3Lac only instead of Rs.5Lac Rs.3Lc :- B's Rs.250000/- C's Rs.50,000/- Is it possible to file revise return for FY. 2009-10 and if yes how can we show the shares contribution before Mar 2010 ? and what about indivi. return of shareholders ? Amending Articles of Co. is possible ? fees n everything ? what is the solution for this problem ?

Thanks a lot for ur reply ?

But how to show call in arrears in Bal Sheet ? Individual returns of all shareholders have been already filed then what about their returns ? Pls. reply