Our Co. Name: ABS Pvt. Ltd.
Our Customer Name(Sundry Debtor) - Simplex
Advance shown 31/03/2013 (As per Balance Sheet) Rs. 74000
Again Advance shown 31/03/2014 (As per Balance Sheet) Rs. 74000
No any transaction/ Invoice create previous Financial Year i.e. 2013-14.
please suggest us is it compulsory to intimation ROC for this . If yes then suggest us procedure.
No intimation is required for past period since the new provision has come into force from 1.4.2014 only.
Dear Sir
There is period of 365 days for advance money of business transactions.
In same of my query, do this 365 days will be count from 01-04-2014 or from original date when the money was actually received.
CAclubindia
