i just need the latest schedule vi of compan's act 1956
RAVI (ARTICLE ASSISTENT) 08 September 2009
i just need the latest schedule vi of compan's act 1956
A V Vishal (Advocate) 08 September 2009
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665. SCHEDULE VI
SCHEDULE VI
(See section 211) 1[PART I Form of Balance-sheet] 1 Substituted by Act No. 65 of 1960.
1[The balance sheet of a company shall be either in horizontal form or vertical form
1 Inserted by Notification No. GSR 220(E), dated 12th. March, 1979.
A. HORIZONTAL FORM]
Balance sheet of ………………………………….
[Here enter the name of the Company]
As at ……………………………………………
[Here enter the date as at which the balance-sheet is made out.]
1 Omitted by Act No. 17 of 1969, w.e.f. 3rd. April, 1970.
7 Inserted by Notification No. GSR 129, dated 3rd. January, 1968. 8 Inserted by Notification No. GSR 414, dated 21st. March, 1961. 9 Substituted by Notification No. GSR 414, dated 21st. March, 1961. 10 Substituted by Notification No. GSR 414, dated 21st. March, 1961. 11 Inserted by Notification No GSR 129, dated 3rd. January, 1968. 12 Inserted by Notification No. GSR 423 (E), dated 13th. September, 1996. 13 Inserted by Notification No. 494 (E), dated 9th. November, 1973. 14 Substituted by Notification No. GSR 78, dated 4th. January, 1963. 15 Inserted by Notification No. GSR 423 (E) dated 13th. September, 1996. 16 Item (8) relettered as sub-item (a) by Notification No. GSR 494(E), dated 30th. Ocotober, 1973. 17 Inserted by Notification No. GSR 494(E), dated 30th. October, 1973. 18 Inserted by Notification No. GSR 129(E), dated 22nd. February, 1999. 19 Inserted by GSR 414, dated 21st. March, 1961. 20 Inserted by GSR 414, w.e.f. 21st. March, 1961. General instructions for preparation of balance sheet.-
(a) The information required to be given under any of the items or sub-items in this Form, if it cannot be conveniently included in the balance sheet itself, shall be furnished in a separate Schedule or Schedules to be annexed to and to form part of the balance sheet. This is recommended when items are numerous.
(b) Naye Paise can also be given in addition to Rupees, if desired. (c) In the case of 3[subsidiary companies] the number of shares held by the holding company as well as by the ultimate holding company and its subsidiaries must be separately stated. The auditor is not required to certify the correctness of such shareholdings as certified by the management. 1[(cc) The item "Share Premium Account" shall include details of its utilisation in the manner provided in section 78 in the year of utilisation.] (d) Short Term Loans will include those which are due for not more than one year as at the date of the balance-sheet. (e) Depreciation written off or provided shall be allocated under the different asset heads and deducted in arriving at the value of Fixed Assets. (f) Dividends declared by subsidiary companies after the date of the balance sheet 3[should not be included] unless they are in respect of period which closed on or before the date of the balance sheet. (g) Any reference to benefits expected from contracts to the extent not executed shall not be made in the balance sheet but shall be made in the Board's report. (g) Any reference to benefits expected from contracts to the extent not executed shall not be made in the balance sheet but shall be made in the Board's report. 1[(h) The debit balance in the Profit and Loss Account shall be shown as a deduction from the uncommitted reserves, if any.] (i) As regards Loans and Advances, 2[amounts due by the Managing Agents or Secretaries and Treasurers, either severally or jointly with any other persons to be separately stated;] 3[the amounts due from other companies under the same management within the meaning of sub-section (1B) of section 370 should also be given with the names of the companies] the maximum amount due from every one of these at any time during the year must be shown. (j) Particulars of any redeemed debentures which the company has power to issue should be given. (k) Where any of the company's debentures are held by a nominee or a trustee for the company, the nominal amount of the debentures and the amount at which they are stated in the books of the company shall be stated. 5[(l) A statement of investments (whether shown under "Investment" or under "Current Assets" as stock-in-trade) separately classifying trade investments and other investments should be annexed to the balance sheet, showing the names of the bodies corporate (indicating separately the names of the bodies corporate under the same management) in whose shares or debentures, investments have been made (including all investments whether existing or not, made subsequent to the date as at which the previous balance sheet was made out) and the nature and extent of the investment ; so made in each such body corporate; provided that in the case of an investment company that is to say, a company whose principal business is the acquisition of shares, stock, debentures or other securities, it shall be sufficient if the statement shows only the investments existing on the date as at which the balance sheet has been made out. In regard to the investments in the capital of partnership firms, the names of the firms (With the names of all their partners total capital and the shares of each partner) shall be given in the statement.] (m) If, in the opinion of the Board, any of the current assets, loans and advances have not a value on realisation in the ordinary course of business at least equal to the amount at which they are stated, the fact that the Board is of that opinion shall be stated. (n) Except in the case of the first balance sheet laid before the company after the commencement of the Act, the corresponding amounts for the immediately preceding financial year for all items shown in the balance sheet shall be also given in the balance sheet The requirement in this behalf shall, in the case of companies preparing quarterly or half-yearly accounts, etc., relate to the balance sheet for the corresponding date in the previous year. (o) The amounts to be shown under Sundry Debtors shall include the amounts due in respect of goods sold or services rendered or in respect of other contractual obligations but shall not include the amounts which are in the nature of loans or advances. 3[(p) Current accounts with directors, 2[***] and Manager, whether they are in credit or debit, shall be shown separately.] 4[(q) A small scale industrial undertaking has the same meaning as assigned to it under clause (j) of section 3 of the Industries (Development and Regulation) Act, 1951.] 1 Omitted by Act No. 17 of 1969, w.e.f. 3rd. April, 1970. 2 Omitted by Act No. 17 of 1969, w.e.f. 3rd. April, 1970. 3 Substituted by Notification No. GSR 414, dated 21st. March, 1961. 4 Inserted by Notification No. GSR 129(E), dated 22nd. February, 1999. 5 Substituted by Notification No. 494(E), dated 30th. October, 1973. 1[B. VERTICAL FORM
1. Inserted by Notification No. GSR 220(E), dated 12th. March, 1979.
Name of the Company ………………… Balance Sheet as at ……………………
I. Sources of funds: (1) Shareholder's funds
(a) Capital
(b) Reserves and Surplus (2) Loan funds
(a) Secured loans
(b) Unsecured loans TOTAL:
II. Applications of funds:
(1) Fixed assets
(a) Gross block
(b) Less depreciation (c) Net block (d) Capital work-in-progress (2) Investments
(3) Current assets, loans, and advances: (a) Inventories
(b) Sundry debtors (c) Cash and bank balances (d) Other current assets (e) Loans and advances Less: Current liabilities and provisions: (a) Liabilities
(b) Provisions Net current assets
(4)
(a) Miscellaneous expenditure to the extent not written off or adjusted
(b) Profit and Loss account TOTAL:
Notes.-
1. Details under each of the above items shall be given in separate Schedules. The Schedules shall incorporate all the information required to be given under A-Horizontal Form read with notes containing general instructions for preparation of balance sheet.
2. The Schedules, referred to above, accounting policies and explanatory notes that may be attached shall form an integral part of the balance sheet. 3. The figures in the balance sheet may be rounded off to the nearest "000" or "00" as may be convenient or may be expressed in terms of decimals of thousands. 4. A foot-note to the balance sheet may be added to show separately contingent liabilities. PART II
Requirements as to Profit and Loss Account 1. The provisions of this Part shall apply to the income and expenditure account referred to in sub-section (2) of section 210 of the Act, in like manner as they apply to a profit and loss account, but subject to the modification of references as specified in that sub-section.
2. The profit and loss account- (a) shall be so made out as clearly to disclose the result of the working of the company during the period covered by the account; and
(b) shall disclose every material feature, including credits or receipts and deb its or expenses in respect of non-recurring transactions or transactions of an exceptional nature.
3. The profit and loss account shall set out the various items relating to the income and expenditure of the company arranged under the most convenient heads; and in particular, shall disclose the following information in respect of the period covered by the account:- (i)
1[(a) The turnover, that is, the aggregate amount for which sales are effected by the company, giving the amount of sales in respect of each class of goods dealt with by the company, and indicating the quantities of such sales for each class separately.]
2[[(b) Commission paid to sole selling agents within the meaning of section 294 of the Act. (c) Commission paid to other selling agents. (d) Brokerage and discount on sales, other than the usual trade discount.] 1[(ii)
(a) In the case of manufacturing companies,-
(1) The value of the raw materials consumed, giving item-wise break-up and indicating the quantities thereof. In this break-up, as far as possible, all important basic raw materials shall be shown as separate items. The intermediates or components procured from other manufacturers may, if their list is too large to be included in the break-up, be grouped under suitable headings without mentioning the quantities, provided all those items which in value individually account for 10 per cent or more of the total value of the raw material consumed shall be shown as separate and distinct items with quantities thereof in the break-up.
(2) The opening and closing stocks of goods produced, giving break-up in respect of each class of goods and indicating the quantities thereof. (b) In the case of trading companies, the purchases made and the opening and closing stocks, giving break-up in respect of each class of goods trade in by the company and indicating the quantities thereof.
(c) In the case of companies rendering or supplying services, the gross income derived from services rendered or supplied. (d) In the case of a company, which falls under more than one of the categories mentioned in (a), (b) and (c) above, it shall be sufficient compliance with the requirements herein if the total amounts are shown in respect of the opening and closing stocks, purchases, sales and consumption of raw material with value and quantitative break-up and the gross income from services rendered is shown. (e) In the case of other companies, the gross income derived under different heads. Note 1.- The quantities of raw materials purchases, stocks, and the turnover shall be expressed in quantitative denominations in which these are normally purchased or sold in the market.
Note 2.- For the purpose of items (ii)(a), (ii)(b) and (ii)(d), the items for which the company is holding separate industrial licences, shall be treated as separate classes of goods, but where a company has more than one industrial licence for production of the same item at different places or for expansion of the licensed capacity, the item covered by all such licences shall be treated as one class. In the case of trading companies, the imported items shall be classified in accordance with the classification adopted by the Chief Controller of Imports and Exports in granting the import licences. Note 3.- In giving the break-up of purchases, stocks and turnover, items like spare parts and accessories, the list of which is too large to be included in the break-up, may be grouped under suitable headings without quantities, provided all those items, which in value individually account for 10 per-cent or more of the total value of the purchases, stocks, or turnover, as the case may be, are shown as separate and distinct items with quantities thereof in the break-up.] (iii) In the case of all concerns having works-in-progress, the amounts for which 3[such works have been completed] at the commencement and at the end of the accounting period. (iv) The amount provided for depreciation, renewals or diminution in value of fixed assets. If such provision is not made by means of a depreciation charge, the method adopted for making such provision. If no provision is made for depreciation, the fact that no provision has been made shall be stated 4[and the quantum of arrears of depreciation computed in accordance with section 205(2) of the Act shall be disclosed by way of a note.] (v) The amount of interest on the company's debentures and other fixed loans, that is to say, loans for fixed periods, stating separately the amount of interest, if any, 5[paid or payable] to the managing director 6[* * *] and the manager, if any. (vi) The amount of charge for Indian income-tax and other Indian taxation on profits, including, where practicable, with Indian income-tax any taxation imposed elsewhere to the extent of the relief, if any, from Indian income-tax and distinguishing, where practicable, between income-tax and other taxation. (vii) The 2[amounts reserved for-] (a) repayment of share capital; and
(b) repayment of loans. (viii)
(a) The aggregate, if material, of any amounts set aside or proposed to be set aside, to reserves, but not including provisions made to meet any specific liability, contingency or commitment known to exist at the date as at which the balance-sheet is made up.
(b) The aggregate, if material, of any amounts withdrawn from such reserves. (ix)
(a) The aggregate, if material, of the amounts to set aside to provisions made for meeting specific liabilities, contingencies or commitments.
(b) The aggregate, if material, of the amounts withdrawn from such provisions, as no longer required. (x) Expenditure incurred on each of the following items, separately for each item:-
(a) Consumption of stores and spare parts.
(b) Power and fuel. (c) Rent. (d) Repairs to buildings. (e) Repairs to machinery. (f) (1) Salaries, wages and bonus.
(2) Contribution to provident and other funds. (3) Workmen and staff welfare expenses 5[to the extent not adjusted from any previous provision or reserve. Note 7[1].-Information in respect of this item should also be given in the balance sheet under the relevant provision or reserve account.]
Note 2. 8[* * *] (g) Insurance. (h) Rates and taxes, excluding taxes on income. (i) Miscellaneous expenses: 9[Provided that any item under which the expenses exceed one per cent of the total revenue of the company or Rs. 5,000 whichever is higher shall be shown as a separate and distinct item against an appropriate account head in the Profit and Loss Account and shall not be combined with any other item to be shown Under "Miscellaneous expenses".]
(xi) (a) The amount of income from investments, distinguishing between trade investments and other investments.
(b) Other income by way of interest, specifying the nature of the income. (c) The amount of income-tax deducted if the gross income is stated under sub-paragraphs (a) and (b) above. (xii)
(a) Profits or losses on investments 10[showing distinctly the extent of the profits and losses earned or incurred on account of membership of a partnership firm] 5[to the extent not adjusted from any previous provision or reserve.
Note.- Information in respect of this item should also be given in the balance sheet under the relevant provision or reserve account.] (b) Profits or losses in respect of transactions of a kind, not usually undertaken by the company or undertaken in circumstances of an exceptional or non-recurring nature, if material in amount. (c) Miscellaneous income. (xiii)
(a) Dividends from subsidiary companies.
(b) Provisions for losses of subsidiary companies. (xiv) The aggregate amount of the dividends paid, and proposed, and stating whether such amounts are subject to deduction of income-tax or not.
(xv) Amount, if material, by which any items shown in the profit and loss account are affected by any change in the basis of accounting. 1. Substituted by Notification No. GSR 494(E), dated 30th. October, 1973.
2. Substituted by Notification No. GSR 414(E), dated 21st. March, 1961. 3. Substituted by Act No. 65 of 1960. 4. Inserted by Notification No. GSR 414(E), dated 21st. March, 1961. 5. Inserted by Act No. 65 of 1960. 6. Omitted by Act No. 17 of 1969 w.e.f. 3rd. April, 1970. 7. Note renumbered as Note 1 by Notification No. 1665, dated 9th. October, 1971. 8. Omitted by Notification No. SO 723(E), dated 18th. September, 1990. 9. Inserted by Notification No. GSR 494(E), dated 30th. October, 1973. 10. Inserted by Notification No. GSR 494(E), dated 30th. October, 1973. 2[4. The profit and loss account shall also contain or give by way of a note detailed information, showing separately the following payments provided or made during the financial year to the directors (including managing directors), 13[***] or manager, if any, by the company, the subsidiaries of the company and any other person:-
(i) managerial remuneration under section 198 of the Act paid or payable during the financial year to the directors (including managing directors), 3[***] manager, if any; (ii) 1[***]; (iii) 1[***]; (iv) 1[***]; 4[(vi) other allowances and commission including guarantee commission (details to be given)]; (vii) any other perquisites or benefits in cash or in kind (stating approximate money value where practicable); (viii) pensions, etc.,- (a) pensions,
(b) gratuities, (c) payments from provident funds, in excess of own subscriptions and interest thereon, (d) compensation for loss of office, (e) consideration in connection with retirement from office.] 1. Omitted by Notification No. SO 723(E), dated 18th. September, 1990.
2. Earlier para 4 substituted by Act No. 65 of 1960. 3. Omitted by Act No. 17 of 1969 w.e.f. 3rd. April, 1970. 4. Substituted by Notification No. GSR 78(E), dated 4th. January, 1963. 4A. The profit and loss account shall contain or give by way of a note a statement showing the computation of net profits in accordance with section 349 of the Act with relevant details of the calculation of the commissions payable by way of Percentage of such profits to the directors (including managing directors), 1[***] or manager (if any).
1. Omitted by Act No. 17 of 1969 w.e.f. 3rd. April, 1970. 4B. The profit and loss account shall further contain or give by way of a note detailed information in regard to amounts paid to the auditor, 1[whether as fees, expenses or otherwise for services rendered-] (a) as auditor; 2[***]
3[(b) as adviser, or in any other capacity, in respect of- (i) taxation matters;
(ii) company law matters; (iii) management services; and (c) in any other manner].]
1. Substituted by Notification No. GSR 78(E), dated 4th. January, 1963.
2. The word "and" omitted by Notification No. GSR 455(E), dated 27th. April, 1974. 3. Substituted w.e.f. 27th. April, 1974. 1[4C. In the case of a manufacturing companies, the profit and loss account shall also contain, by way of a note in respect of each class of goods manufactured, detailed quantitative information in regard to the following, namely:-
(a) the licensed capacity (where licence is in force);
(b) the installed capacity; and (c) the actual production. Note 1.- The licensed capacity and installed capacity of the company as on the last date of the year to which the profit and loss account relates, shall be mentioned against items (a) and (b) above, respectively.
Note 2.- Against item (c), the actual production in respect of the finished products meant for sale shall be mentioned. In cases where semi-processed products are also sold by the company, separate details thereof shall be given. Note 3.- For the purpose of this paragraph, the items for which the company is holding separate industrial licences shall be treated as separate classes of goods but where a company has more than one industrial licence for production of the same item at different places or for expansion of the licensed capacity, the item covered by all such licences shall be treated as one class. 1. Earlier para 4C substituted by Notification No. GSR 494(E), dated 30th. October, 1973. 4D. The profit and loss account shall also contain by way of a note the following information, namely:-
(a) value of imports calculated on C.I.F. basis by the company during the financial year in respect of:-
(i) raw materials;
(ii) components and spare parts; (iii) capital goods; (b) expenditure in foreign currency during the financial year on account of royalty, know-how, professional, consultation fees, interest, and other matters;
(c) value of all imported raw materials, spare parts and components consumed during the financial year and the value of all indigenous raw materials, spare parts and components similarly consumed and the percentage of each to the total consumption; (d) the amount remitted during the year in foreign currencies on account of dividends, with a specific mention of the number of non-resident shareholders, the number of shares held by them on which the dividends related; (e) earnings in foreign exchange classified under the following heads, namely:- (i) export of goods calculated on F.O.B. basis;
(ii) royalty, know-how, professional and consultation fees; (iii) interest and dividend; (iv) other income, indicating the nature thereof.] 5. The Central Government may direct that a company shall not be obliged to show the amount set aside to provisions other than those relating to depreciation, renewal or diminution in value of assets, if the Central Government is satisfied that the information should not be disclosed in the public interest and would prejudice the company, but subject to the condition that in any heading stating an amount arrived at after taking into account the amount set aside as such, the provision shall be so framed or marked as to indicate that fact.
6. (1) Except in the case of the first profit and loss account laid before the company after the commencement of the Act, the corresponding amounts for the immediately preceding financial year for all items shown in the profit and loss account shall also be given in the profit and loss account. (2) The requirement in sub-clause (1) shall, in the case of companies preparing quarterly or half-yearly accounts, relate to the profit and loss account for the period which entered on the corresponding date of the previous year. PART III
Interpretation 7.
(1) For the purposes of Parts I and II of this Schedule, unless the context otherwise requires,-
(a) the expression "provision" shall, subject to sub-clause (2) of this clause, mean any amount written off or retained by way of providing for depreciation renewals or diminution in value of assets, or retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy;
(b) the expression "reserve" shall not, subject as aforesaid, include any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained by way of providing for any known liability; (c) the expression "capital reserve" shall not include any amount regarded as free for distribution through the profit and loss account; and the expression "revenue reserve" shall mean any reserve other than a capital reserve; and in this sub-clause the expression "liability" shall include all liabilities in respect of expenditure contracted for and all disputed or contingent liabilities. (2) Where-
(a) any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, not being an amount written off in relation to fixed assets before the commencement of this Act; or
(b) any amount retained by way of providing for any known liability; is in excess of the amount which in the opinion of the directors is reasonably necessary for the purpose, the excess shall be treated for the purposes of this Schedule as a reserve and not as a provision.
8. For the purposes aforesaid, the expression "quoted investment" means an investment as respects which there has been granted a quotation or permission to deal on a recognised stock exchange, and the expression "unquoted investment" shall be construed accordingly.
1[PART IV
Balance Sheet Abstract and Company's General Business Profile 1. Inserted by Notification No. GSR 388(E), dated 15th. May, 1995.
* Note: for ITC Code of Products please refer to the publication Indian Trade Classification based on harmonized commodity description and coding system by Ministry of Commerce, Directorate General of Commercial Intelligence & Statistics, Calcutta-700001
Annexure I
Code List 1: State Codes
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