As you are aware, the Ministry of Corporate Affairs (MCA) had earlier announced on its website that the revised Schedule VI is applicable from the financial year 2010-11 onwards. On 25 March 2011, the MCA has changed this note on the website to state that the revised Schedule VI will apply from 1 April 2011. We have however not yet seen any formal circular/notification on the MCA website.
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it shall be applicable from fy 2011-12.
Notification for the same has already displayed on the MCA site that it is pertaining to the accounts prepared for the Fy commencing on or after 1-4-2011
I think it will be applicable from the fy 2011-12.
Making itapplicable for the FY 2010-11 would be too difficult for many companies first to understand and subsequently prepare the financial statements. I presume it would be made effective only from FY 2011-12. Second option is to make the implementation of new schedule VI voluntary atleast for FY 2010-11.
Lets await for fromal notification which should be displayed on prioer basis since we are fast approaching the Financial Year ending 31-3-2011.
Apparantely it looks like that it is not applicable for the Financial Year 2011. MCA is very famous in givning such a confusing changes. It must be declared by way of Circular etc.
What does it mean???
will it be applicable on F/S ending 31.03.11
It appear not to be as F/s are as on date, but otherwise can be like they are prepared after 1st April 2011……………
whether it means it is not applicable for financial year 2010-11. Pl.clarify