FAQ on Revised Schedule VI to the Companies Act 1956 withdrawn by ICAI In view of issuance of Schedule III to the Companies Act, 2013
CL&CGC/ 20/ 2017-2018
25th April, 2017
Announcement
Sub: Regarding withdrawal of Frequently Asked Questions on the Revised Schedule VI to the Companies Act, 1956 as issued by the Corporate Laws & Corporate Governance Committee in May, 2012.
The Corporate Laws & Corporate Governance Committee (CL&CGC) of the Institute of Chartered Accountants of India (ICAI) had issued the Frequently Asked Questions on the Revised Schedule VI to the Companies Act, 1956 in May, 2012.
In view of issuance of Schedule III to the Companies Act, 2013, which is to be followed by the companies from 1st April, 2014, the applicability of Revised Schedule VI to the Companies Act 1956 is for the preparation of Financial Statements prior to that period.
The Committee at its 36th meeting held on 10th April, 2017 decided to withdraw Frequently Asked Questions on the Revised Schedule VI to the Companies Act, 1956. Therefore, the same stands withdrawn.
Accordingly, members are requested to please note.
Chairman,
Corporate Laws & Corporate Governance Committee
Vice Chairman,
Corporate Laws & Corporate Governance Committee
ITAT quashed order u/s 263 enhancing disallowance observing in appellate proceedings, CIT(A) has power of enhancements of income assessed, if…
Section under which penalty should be initiated cannot be subject matter of revisionary jurisdiction under section 263 of Income Tax…
Related party transaction u/s 40A(2) shall be treated as bona fide, unless AO finds that one of them is trying…
The word ‘transfer of property’ does not include ‘acquiring’ of property or ‘purchasing’ of property and only can be confined…
AO is not justified in questioning the cash withdrawals from bank account on the ground that the assessee had sufficient…
Return/Balance sheet to be considered as being within time if filed within timeline condoned by Hon'ble Supreme Court due to…