Applicability of Companies Act 2013 to the FY 2013-14

Ministry vide its circular no 8/2014 dated 4.4.2014 clarified that provision of the Companies Act 1956 will continue to apply to financial year which has commenced prior to 1.4.2014 in respect of maintenance  of books of accounts, preparation, adoption, filing of financial statements, Boards Reports  & attachments  to such statements and reports.

in view of this following is to be done as per provisions of Companies Act 1956 & in old format

1. Charging of Depreciation as per old schedule

2. Financial statements for the FY 2013-14

3. Board’s Report on the said financial statements

4. Auditor’s Report

5. Attachments to above statement & report

6. Compliance certificate under section 383A as attachment to Board’s Report

Hence Annual Filing of balance sheet & Profit & Loss Account for FY 2013-14  will be done in old format & therefore the said forms will continue on MCA portal.

Since the circular does not state anything about Annual Return, in my view the New Format of Annual Return is to be used & information as at 31st March, 2014 is to be filled up. New provisions for its Signing & certification will apply for the said Annual Return.

Financial Year commencing on or after 1.4.2014 will have to comply with the provisions of the new Act. Hence financial statements & Board’s report in the year 2015 will be in new format.

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