With reference to the above subject i have the following doubts :-
1) A section 25 company registered under the income tax pan database as a trust, is that correct. 2) and the financials prepared as trust (i.s income and expenditure Balance sheet.)
but as pper companies act Schedule VI is mandatory for all companies ?
and in annual filling E-form 23Ac & CA is required schedule VI for Section 25 company ?
PLEASE CLARIFY OUR ISSUE ON BOTH SIDES INCOME TAX AND COMPANIES ACT 1956 WITH ACT AND CIRCULARS/NOTIFICATION (IF ANY)
12 October 2014
Section 25 companies financial statements can not be prepared as trust. Schedule vi is mandatory. Revised Schedule VI is applicable to all companies except those refered in the proviso to Sec 211 (1) & (2) of the Act. i.e 1. Insurance Companies 2. Companies engaged in generation and supply electricity 3. Any other company for which a form of BS and P&L has been specified under any other act hence Revised Schedule VI is applicable to companies registered under Sec 25 of the Act. The same statements has to be utilised for Income tax.
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