09 November 2013
is government company which is under section 619,have to follow revised schedule VI? i mean they have to follow & prepare p&l and balance sheet as per revised schedule VI.?
10 November 2013
Revised Schedule VI do not apply to companies as referred to in the proviso to Section 211 (1) and Section 211 (2) of the Act, i.e., any insurance or banking company, or any company engaged in the generation or supply of electricity or to any other class of company for which a form of Balance Sheet and Profit and Loss account has been specified in or under any other Act governing such class of company.
Hence it is applicable to Government companies who are not in above said businesses.
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