Kindly refre to the abovementioned subject company was incorporated Dec 2023 with 30000 paid up capital as of now Capital has not been deposited in the bank and no certificate of commencement of business applied.
Is statutory audit applicable this year or not ?
No auditor has been appointed yet can we appoint auditor in 1st AGM?
Can we eligible to done AGM without Audit.
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Share capital nit deposited in the bank account Audit
Replies (3)
Quick Summary
Based on the Companies Act 2013 and the Companies (Audit and Auditors) Rules 2014, here are the answers to your questions: 1. Statutory Audit applicability: - Since the company was incorporated in December 2023 and has not commenced business, the statutory audit is not applicable for the financial year 2023-2024. 2. Auditor appointment: - You can appoint an auditor in the 1st Annual General Meeting (AGM). - However, it is recommended to appoint an auditor as soon as possible to ensure compliance with the Companies Act. 3. AGM without audit: - You can hold the 1st AGM without the audit report, but you need to ensure that the financial statements are prepared and presented in the AGM. - However, it is important to note that the audit report is a critical component of the AGM, and it is recommended to have the audit report ready before holding the AGM. Additionally, please note that: - The company needs to deposit the paid-up capital in the bank and obtain the certificate of commencement of business to start its operations. - The company should file the necessary forms with the Registrar of Companies (ROC) within the prescribed timelines to avoid any penalties or legal issues. It is recommended to consult with a chartered accountant or a legal professional to ensure compliance with all the regulatory requirements.
It's mandatory to have a separate account
Subscripttion money must reach the company's bank account:
• For incorporation, subscribers to the MoA must pay the subscripttion money. From 2019 (INC-20A), companies must file a declaration of commencement of business within 180 days of incorporation, confirming that subscribers have paid for the shares (with a bank statement as proof).
• If the Rs 30,000 paid-up capital wasn't deposited into the company's bank account, INC-20A can't be properly filed. Deposit it now (each subscriber's share by bank transfer, ideally) and file INC-20A with late fees.
• Failure to file INC-20A: penalty of Rs 50,000 on the company and Rs 1,000 per day on directors (max Rs 1 lakh), and the ROC may strike off the company (Sec 10A).
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