transactions party related
Dear Sir,
Greetings!!
there are two specific provisions which deals with realted party transaction disclosure, these are
section 188 under which you have to give disclosure of transactions which are mentioned in sub section 1 in format AOC-2 which is to be attached to form AOC-4 as mandatory attachment,
As per AS-18 read with schedule III of companies Act 2013
disclosure of related party transactions is madatory, should be under seperate heading in notes to accounts and following disclosures are to be made:
If there have been transactions between related parties, during the existence of a related party relationship, the reporting enterprise should disclose the following:
(i) the name of the transacting related party;
(ii) a description of the relationship between the parties;
(iii) a description of the nature of transactions; 280 AS 18
(iv) volume of the transactions either as an amount or as an appropriate proportion;
(v) any other elements of the related party transactions necessary for an understanding of the financial statements;
(vi) the amounts or appropriate proportions of outstanding items pertaining to related parties at the balance sheet date and provisions for doubtful debts due from such parties at that date; and
(vii) amounts written off or written back in the period in respect of debts due from or to related parties.
hope it helps
Thank you
Dear All,
1. TDS u/s 194C has been deducted for a client. The client is a professional and provides technical consultancy services which is covered in 44ADA
My question is whether we can show this income ( TDS 194c) under 44ada. Are there any chances of receiving a notice?
2. Section 44AD excludes persons carrying on a profession. Does this mean that if a person has both professional and Business Income, they cannot opt for 44AD for the business Income part?
Dear Concern,
Greetings of the day!
A company of Bihar, Patna incorporated on 31/05/2016 has to pay stamp duty in Bihar only. Its total equity shares are 10,000 @ Rs 10 each and preference shares of 17000 at face value only. Kindly inform if anyone stays there only who can get share certificates signed and duly stamped, please contact me and let me know estimated cost / fees for the same.
Hello,
Fla return query. In case direct investment by Indian co, then we fill foreign asset schedule. What if that foreign subsidiary is under liquidation and prepared financial till 30.9.21. Whether to show in foreign asset schedule as RBI permission is not raced for amount of investment to b write off in Indian co books
Dear All,
Kindly Give Suggestion for Same
Can an Advocate create Pvt. Ltd. Company, LLP, NGO in MCA . ( is his DSC valid for certify like AOA , MOA ). I mean an advocate is eligible to create company , LLP in MCA without requirement of CA,CS, CMA
Dear Friends,
In DPT-3 we have audited figures of last year so what date shld we put in last closing of accounts and net worth details should be of which year current unaudited or last year's audited
And figures for loans and all shld be audited or unaudited
Kindly reply
Hello Members,
1. Is there any FEMA compliance for transfer of any amount by Indian Company to its South Africa Branch for business purpose (e.g Payment of salary by branch to South African Employee or any payment to local consultant)
2. Is there any FEMA compliance for transfer of any amount by South Africa Branch to its Indian Company (Head Office).
3. Is there any violation in FEMA if South Africa branch receive money on behalf of sales invoice raised by its Indian Company (Head Office)
share transfer compliance fema
Hi,
Can anyone share the draft format of board Resolution through Resolution by Circulation ?
circulation resolution board format
Hello,
appointment of Company Secretary under section 2(24) is required for Section 8 Companies?
Hello
Section 188 of the Companies Act instructs to report related party transaction in the format specified named as AOC-2. Schedule III specifies the details which have to be mentioned about the related party transaction in the balance sheet