Steps for Approval of Accounts
Every year, at the AGM (Annual General Meeting) of the Company , the Board of Directors of the Company shall lay before the Company
Financial Statement of the Company which shall contain
- Balance Sheet of the Company at the end of the Financial year
- Profit & Loss Account for the period and
- Cash Flow Statement
The Step for approval of Annual Accounts and their signing therein
- Board ( The Directors ) shall approve the Annual Accounts.
- The Board shall submit the same to the Auditor for Audit
- The Auditor ( A Practising Chartered Accountant ) shall audit the Financial Statement and submit its Audit Report . The Auditor shall also make any reservation about any non compliance if it find any such.
- The Directors shall then comment upon the Audit Report and such non compliance in Directors Report.
- Then the Director Report is Signed & AGM is called for ( usually a 21+3 days before such date of AGM )
Forms to be Filed with ROC
- 23 AC
- 23 ACA
- 20B
- MGT 14
- ADT -1
Forms to be Filed with Income Tax
- ITR – 6
Documents to be Annexed for filing above
- Audited Copy of Profit & Loss Account
- Audited Copy of Balance Sheet as per Revised Sch VI
- Cash Flow Statement
- Director Report
- Annual Return
- Auditors Report A Digital Signature of a Director & is also required
THE ABOVE METHOD IS ONLY FOR ENTREPRENEUR , TO HELP THEM IN UNDERSTANDING THE REQUIREMENT FOR PREPARATION OF ACCOUNTS. IT’S NOT EXHAUSTIVE. AND FOR MORE DETAIL UNDERSTANDING PLEASE CONTACT US. THIS PUBLICATION CONTAINS INFORMATION IN SUMMARY FORM AND IS THEREFORE INTENDED FOR GENERAL GUIDANCE ONLY. IT IS NOT INTENDED TO BE A SUBSTITUTE FOR DETAILED RESEARCH OR THE EXERCISE OF PROFESSIONAL JUDGMENT. NEITHER SBS, NOR ANY OTHER MEMBER OF THE TEAM SBS ACCEPT ANY RESPONSIBILITY FOR LOSS OCCASIONED TO ANY PERSON ACTING OR REFRAINING FROM ACTION AS A RESULT OF ANY MATERIAL IN THIS PUBLICATION. ON ANY SPECIFIC MATTER, REFERENCE SHOULD BE MADE TO THE APPROPRIATE ADVISOR
