Dear Sir/Madam,
In 2021 I agreed with my company(Startup founded in 2019) founder to purchase 2% stake for 40L. It is a Limited company in UK. Subsequently, I paid 40L to the company between march and 1st week of Apr 2021. Although the payment is made the updation of the Capitalization table will be done this year as there were delays due to financial contraints for the company. In 2021 I had declared the amount of 40L paid to the UK company under schedule FA B. Details of Financial Interest in any Entity held (including any beneficial interest) at any time during the relevant accounting period assuming the cap table will be updated.
However it did not happen so far and for the next 2 years and I havent updated the section FA for the transaction again. Could you please help to understand if I should declare it in AY2024-25? If yes, should I revise returns for the previous 2 AYs(23-24 and 22-23 as well?
If No, should I wait till the cap table is updated for getting it in my name before declaring in FA schedule?
Any help regarding this is greatly appreciated!
CAclubindia
