Filing of declaration in form 20A for commencement of business

[Prakash Joshi]

Dear Friends,

Please confirm whether filing declaration for commencement of business in form 20A is mandatory  for a small company also as on date .

Can a newly incorporated Pvt company get remittance from overseas customers in its  bank account and issue invoice immediately after incorporation before filing form 20A as the time time limit to file the same is 6months from the date of incorporation.

Thanks

PC Joshi 

[Adv Tarun Sobti]

yes mandatory without it you can not file adt 1 for first auditor appointment

Tarun

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[Adv Tarun Sobti]

Better practice transfer first subscription money of a shareholder in a bank account and then receive money from others, even if you apply inc 20 in 6 month any time.

 

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[Prakash Joshi]

To file 20A time limit is 180 days. But ADT to be filed within 30days of appointment. Then what's the use ov giving 180 days for it. Plus section 10A says no business activity can be undertaken before filing form 20A.It means if  a company has business contracts waiting for company formation. Still it can't commence business without filing form 20A.

Is it true? 

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[aditya savla]

Form 20A compulsory but ADT 1 Filling allow without filling of 20A

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[Adv Tarun Sobti]

hi aditya,

 

we are trying to filing adt 1 without inc 20a file but online portal not allowed to file adt 1

promt msg to file inc 20a form 

 

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[Adv Tarun Sobti]

First auditor can be appointed in the first AGM of a new company case.

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[Prakash Joshi]

I need  a specific answer to the following question:

 the company has opened a bank account and subscribers have deposited the subscription money into it. Can the new company start accepting orders, receiving payments etc soon after opening the bank account? Suppose it files form 20B after one month but within 6months.

On Thu, Oct 5, 2023 at 3:38 PM aditya savla <aditya...@gmail.com> wrote:

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[Prakash Joshi]

I think first auditors can be appointed by the BOD within 30days of incorporation of the company who hold their  office until the conclusion of 1st AGM. Then the shareholders can re-appoint them for next 5 years.

Reg first auditors, shareholders can appoint the auditors only if BOD fails to appoint the first auditors within 30days..

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[Prakash Joshi]

Please share your views on this.

[Ashish Kumar]

First Auditor is appointed by BOD within 30 Days but ADT-1 is applicable only auditor appointed in AGM (in case of Newly incorporated Private Limited Company).

[Pankaj Khandelwal]

As per the provisions of Section 10A(1) of the Act:

"A company incorporated after the commencement of the Companies (Amendment) Ordinance, ²[2019] and having a share capital shall not commence any business or exercise any borrowing powers unless—

(a) a declaration is filed by a director within a period of one hundred and eighty days of the date of incorporation........"

Pankaj K

www.PankajKhandelwal.in

[Santhosh Shetty]

Auditor appointed within 30 days from the date of incorporation, does not require intimation to ROC. Only auditor appointed in AGM required to be intimated to ROC by filing ADT-1.

Hence conflict of 180 days for 20A and 30 days for initial appointment of auditor never arises.

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Thanks & Best Regards

Santhosh Shetty