AGM due date /extension of AGM date / section 92E of IT Act.

[GIRIJA NAGVEKAR]

Dear All.

As per Companies Act, AGM due date is 30th Sept.

As per IT Act, Person required to furnish transfer pricing report under section
92E (includes person subject to domestic transfer pricing audit) , due date is  30th Nov,2013.

The query is due to introduction of 92E, the companies has filed BS with IT dept in the month of November with Auditor signing the balance sheet in the month of Nov.

1) In such situation, what will be the AGM date?

2) Is there any circular by ministry wherein AGM date is extended beyond due date ?

3) or has the company request for extension of AGM date with ROC stating reason of section 92E of Income Tax Act.

Your good selves are requested to give valuable suggestion.

Thanks & Regards,

--

CS Girija Nagvekar

Company Secretary -in practise

[SUDHIER KUMAR GUPTHA]

Returns to be filed with IT department has nothing to do with adoption of accounts by shareholders/conducting of AGM.

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[CS A Rengarajan]

The auditor has to sign the balance sheet 1st week of september to enable to send notices for AGM.  if Auditor is signing on nov then it is not as per companies act

regards

--

 

CS A Rengarajan

9381011200

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[SUDHIER KUMAR GUPTHA]

Conducting of AGM is a requirement only  under Cos Act.

[Manoj Singh Bisht]

Both provisions are separate.

 

Further, you would have seen that many companies still have December 31 as year end. Whereas as per Income Tax Act, financial year shall be from 1st April to March31.

 

Those companies prepare two sets of account i.e. one for statutory accounts filing with ROC and hold AGM before 30th June every year and another for tax accounts filing which is done in september/november (november for transfer pricing cases) every year.

 

 

Regards

Manoj

[yachika bhatia]

Eg: my company got incorporated on 19.09.2012 and my financial year is having Jan to December cycle,but instead of closing the accounts on 31.12.2012 we want to close our accounts on 31.12.2013.

what would be the implication on this and when would be my 1st Annual General Meeting.

Dear Sir/Maam

Thanks & Regards

Yachika Bhatia