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Query relating to name change

22 July 2011

Dear Professional friends,

Can any one answer my query?

A private ltd company has changed its name. Resolution passed was on 04th April 2011. ROC approval was obtained in the month of June 2011. Board meeting date is in the month of July 2011. Which name should appear in financials for the year ending 31/03/2011, directors' report and auditors' report. Since these reports are signed as on the date of board meeting whether they should contain old name or new name?

Quick reply will be of highly useful. Thanks in advance!!!!

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9 Replies

SkDash (CS (Member) CWA (Final)) (909 Points)
Replied 22 July 2011

its the new name as on the date of the directors report, auditors report and date of siging of the B/s.

RG - A Helping Hand (Company Secretary) (13867 Points)
Replied 22 July 2011

Simply put the new name on documents in the format mentioned below:

ABC Private Limited (Formerly known as XYZ Private Limited)

also mention the info of change name in Director's report.

Thanks

Chintan (Accounts and Finance Executive CS Executive Pursuing) (98 Points)
Replied 22 July 2011

sir can you throw some light on , wen a propertorship firm converted to PVT LTD CO .. what is the process ?? and what is the minimum capital required to form PVT LTD CO and PUblic LTD co

RITESH KUKREJA (CS Trainee) (22 Points)
Replied 22 July 2011

minimum paid up capital required for pvt. ltd. company is rs 1 lac and for public ltd. company is rs 5 lacs

Chintan (Accounts and Finance Executive CS Executive Pursuing) (98 Points)
Replied 22 July 2011

Thanks Ritesh

Chintan (Accounts and Finance Executive CS Executive Pursuing) (98 Points)
Replied 22 July 2011

Can anybody tell me dat as per sec. 44AD of income tax act if the turnover is less than 60lacs then tax has to be compulsoriouly paid on 8% of gross turnover
what happen if the assessee claims that his income is less than presumptive income ???????????????

CA Aditya Goel (Chartered Accountant) (368 Points)
Replied 22 July 2011

Dear Chintan

Yes, tax has to be paid on presumptive income of 8% of Gross turnover.

If Assessee claims his income is less than the presumptive income then he needs to maintain his accounts as per Section 44AA and requires a Tax Audit u/s 44AB even if his gross turnover is less than 60 lakhs.

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