An Indian Pvt Ltd co. engaged in certain services classified under export of services under GST.
The company received advance worth 2cr from an overseas customer in March 2020 in USD in their bank account as advance against the travel-based services to be provided. From March 2020 the international travel ceased so, the company has not provided any services for last two years to the said client.
The issue : How will the above advance be treated under section 73 and Deposit rules.
-Whether it falls under Public Deposit/Loan
-Whereas it's simply a business advance against services to be provided in future but outstanding for more than 365 days.
-What options the company has to not the same be treated as deposit/loan.
Please give resolutions
Please confirm the effective date to identify the small company as CARO 2020 applicability totally depend upon the Definition of Small Company. CARO 2016 & 2020
Can dividends be declared to a certain class of shareholders only?
under 141 (1)(g) a person who is in full time employment elsewhere or a person or a partner of a firm holding appointment as its auditor, if such persons or partner is at the date of such appointment or reappointment holding appointment as auditor of more than twenty companies;
Note: In case of private company - in clause (g) of sub-section 3 after the words twenty companies”, the following words shall be inserted;
“other than one person companies, dormant companies, small companies and private companies having paid-up share capital less than one hundred crore rupee”- Notification dated 5th june, 2015
But 5th June Notification is only applicable if Company is in compliant of Section 134 & 92 related to ROC Filing Annually , therefore whats the consequences if Auditor appointed for 5 years and given Consent under section 141 but not able to find the applicability of Exemption on that specific Private co. ? Please someone who can understand my issue related to the Auditor appointment subject to Exemption on Private Company from the ambit of 20 co limit then please clear ...
Will the notifications, circulars, rules, orders issued for certain type of companies under Companies Act 1956 still be applicable for those companies under the Companies Act 2013 ?Click here to view / answer Share it on
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