Statutory Audit for Pvt Ltd company

Stat Audit 7690 views 3 replies

Amit Aggarwal

Web Developer

35 Points Joined December 2009

I registered a company in Nov 2010 and company hasn't done any business this year for the company and only company registration was done and I got the registration certificate from ROC by email.

After that no PAN card registration was done. Hence, no company current account and hence no money has been transferred by shareholder to company account for shares. (paid capital)

So, for year 2010-2011 I want to know what are the things I need to do to make sur company doesn't face any issues from ROC in future ?

Can you please mark them following with comments ? and what are the additional things we need.

1) company PAN card

2) current account for company

3) The Statutory Audit

4) We need to provide you first the Memorandum of Association printed at the time of Registration of the company to start any work on PAN or appointment of Auditor.

5) Do we need to transfer money in company current account ? [paid capital of 1 Lakh] --- please advise here

6) We didn't get the company incorporation certificate by postal mail.. Will we need this now while completing the formalities ? - please advise here

7) As the company has not started its operations so are, there shall not be any liability for the company for Tax Audit u/s 44AB of Income Tax Act. [So we will not face any issues from IT department if we don't file IT this year for the company ]

Please if there is anything else and also comment the above points with your expert opinion.

Thanks,
Amit

Replies (3)

Nandish Shukla

Student

76 Points Joined June 2008

It is not true that you have not paid capital to the comapny,

As You have subscribed to the memorandum & became 1st share holders (minimum 2 names must have been mentioned in your MOA.

Statutory Audit & Company law annual filings (annual return wide form 20B & 23AC, 23ACA) are compulsory even if there is not any business or transactions.

Mohana Harish

AUDIT TEAM LEAD - CA FINAL

468 Points Joined February 2009

u have to get all the basic details ( 1st - Pan - with incorporation certificate , 2nd current account - for that PAN is must with board resolutio & authorised to do transact bank account, )

Reg : capital amount u have to open seperate account and transfer from share holders account.

since its a Pvt ltd companY incorporation certificate is must for all the basic items to be filled.

reg: Tax audit : when Your turnover cross above 60 lakhs. You are required. till that what ever profir or loss till 31st March is to be taken in to account. A Chartered Accountant has to be appointed & he has to be informed to ROC of his appointment.

If anY question asised from the Incometax Department You show the companY formation date,Incorporation certificate, AOA,MOA etc.

T.S.Mohana harish CA-IPCC,

Madurai.

Amit Aggarwal

Web Developer

35 Points Joined December 2009

We have shown paid capital as 1 lakh and 3 directors but money has not been transferred from directors personal account to company current account (which is yet to be opened)

Can youplease list each and every point we need to do to ensure compliance with ROC/MCA/IT department with govt fees we have to pay for each step and genuine amount any CA will charge for each and every step ?

This will help.

Thanks,

Amit