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Revised schedule vi

Suchitra Agrawal (Credit Manager in ICICI Bank) (62 Points)

13 September 2012

Helloo friends,

Can anyone tell me what are the disclosures required to be disclosed in revised Schedule VI for the newly incorporated company

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Arpit Pachisia (CA) (734 Points)
Replied 22 September 2012

MAJOR DISCLOSURE REQUIREMENTS RETAINED UNDER REVISED SCHDULE VI

a. Value of imports calculated on C.I.F basis by the company during the financial year in respect of:-
(i) Raw materials;
(ii) Components and spare parts;
(iii) Capital goods;

b. Expenditure in foreign currency during the financial year on account of royalty, know-how, professional, consultation fees, interest, and other matters;

c. Value of all imported raw materials, spare parts and components consumed during the financial year and the value of all indigenous raw materials, spare parts and components similarly consumed and the percentage of each to the total consumption;

d. The amount remitted during the year in foreign currencies on account of dividends, with a specific mention of the number of non-resident shareholders, the number of shares held by them on which the dividends related;

e. Earnings in foreign exchange classified under the following heads, namely:-
(i) Export of goods calculated on F.O.B. basis;
(ii) Royalty, know-how, professional and consultation fees;
(iii) Interest and dividend;
(iv) Other income, indicating the nature thereof.

f. Expenditure incurred on each of the following items, separately for each item:-
a. Consumption of stores and spare parts.
b. Power and fuel.
c. Rent.
d. Repairs to buildings.
e. Repairs to machinery.
f. Insurance.
g. Rates and taxes, excluding taxes on income.
h. Miscellaneous expenses:

g. Dividends from subsidiary companies and Provisions for losses of subsidiary companies

h. (a) The aggregate, if material, of any amounts set aside or proposed to be set aside, to reserves, but not including provisions made to meet any specific liability, contingency or commitment known to exist at the date as at which the balance-sheet is made up.
(b) The aggregate, if material, of any amounts withdrawn from such reserves.

i. (a) The aggregate, if material, of the amounts to set aside to provisions made for meeting specific liabilities, contingencies or commitments.
(b) The aggregate, if material, of the amounts withdrawn from such provisions, as no longer required.