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pref sh
Corporate & Other Laws
answered on 11-Jun-23 16:24
if pref sh are uredeemed and then further issued how is it not reduction of sh cap ? unredeemed cause dividend not paid properly pref sh amount = ₹10, dividend unpaid = ₹5 Co further issued then sh cap = ₹15 (10+5) when thae shares were issued for the 1st time then ₹10 was paid fully hence cas received ₹10 now when these shares are reissued then ₹10 is only retained in the Co in form of asset but there is ₹5 less so is it not like ₹5issued for free so how is ₹5 balanced or shown as in the matching concept of Balance Sheet ?
latest answer
thank you
Sushmita Chowdhury
CA Inter
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408
Presumptive taxation
Direct Taxation
answered on 12-Jun-23 09:31
Whether a person opting section 44ae has to maintain books and get its accounts audited if he declares an income lesser than income allowed under section 35 ae and also lesser than basic exemption limit?
latest answer
YEs
N.Gokulnath
CA Inter
★ 850
1
532
In acca exam negative marking
Exams
answered on 10-Jun-23 17:40
Yes no
latest answer
no
R K
ACCA Skill
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3
486
preliminary
Corporate & Other Laws
answered on 12-Jun-23 14:31
1) holding Co is foreign Co, subsidiary Co is Indian Co, then FY of holding Co is followed this rule apply to every Co ? whts the exception for IFSC co ? please can anyone brief the meaning of IFSC 2) if Co incorporated in 1/1/19, then Financial statement (say profit n loss St) is not made up on 31/3/19 ? FY will b made up in 31/3/20 which will have details of 1/1/19 to 31/3/20 ? 3) i hav doubt in understand the 4 point and the para of the same
latest answer
1. In case Holding or subsidiary company of a company incorporated outside India is required to follow a different financial year for consolidation of its accounts outside India, They can apply to Central Government and get approval to have required Financial Year for accounting purpose. If approval is not taken, then separate Financial Years may exist for these companies. This change is only for the purpose of consolidation of accounts. Only for SPECIFIED IFSC public/pvt. Companies that are subsidiaries of a foreign holding company, they don’t need CG approval to change their FY to make it similar to the holding. Rather, their FY will always be taken the same as that of Foreign holding company for accounting purpose. (IFSC operate in special economic zones & are connected with other countries and do business with them. These companies can provide various financial services such as banking, insurance, investments, and more, just like regular banks and financial institutions that opens up opportunities for international trade and financial transactions) 2. Yes. Fin Stt shall be made from 1/1/19 to 31/3/20 3. There was amendment introduced in 2019. This proviso simply says that before 2019, Tribunal should follow the earlier law & after 2019 tribunal should follow the current law. This point is not relevant for us now.
Sushmita Chowdhury
CA Inter
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2
450
Eaxm
Others
answered on 12-Jun-23 14:15
Can I give group 1 + audit only ? If yes then what should I have to do
latest answer
Give both the groups with confidence
Amit Pandit
CA Final
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3
594
Doubt
Corporate & Other Laws
answered on 10-Jun-23 12:22
What is Ad hoc Overdraft?
latest answer
Ad hoc means when needed
sradha krishna sunil
CA Final
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1
415
Not working
Others
answered on 10-Jun-23 13:14
Is there anyone facing problem with connecting to server? I am facing the issue from 11 am
latest answer
I thought severs are not working for me also same happened thanks sir
Srividhya Sundarrajan
CA Final
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6
506
preliminary
Corporate & Other Laws
answered on 12-Jun-23 13:07
pls explain the highlights 3rd point
latest answer
Private company cannot list its equity share capital. It will have to be converted to a public company to do so. However, a private company may still list its debt on the stock exchange following SEBI guidelines. The provision you shared means if private company does so for NCDs, it will still not be called a listed company. This is because when a company becomes a listed company, a lot of other provisions become applicable and compliance increases. So, law here exempts such private companies by not calling it a listed company in the first place itself.
Sushmita Chowdhury
CA Inter
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2
476
NFRA
Corporate & Other Laws
answered on 10-Jun-23 11:07
ICAI will 1st provide an AS then NFRA will do examination and approve it then CG will accept it and prescribe it is this interpretation correct ?
latest answer
Yes, correct.
Sushmita Chowdhury
CA Inter
★ 2K+
1
419
Indian Partnership Act
Corporate & Other Laws
answered on 10-Jun-23 12:23
Who is a solicitor?
latest answer
Lawyer
Nidhi S
CA Inter
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3
459