Accounting Period
This query is : Resolved
10 October 2008
Sir,
I want to know if there is any provision by which accounting period as per Companies act and as per Income tax Act can differ, if yes then please suggest under which section of companies Act.
I want to know if there is any provision by which accounting period as per Companies act and as per Income tax Act can differ, if yes then please suggest under which section of companies Act.
11 October 2008
In India, you can do B/Sheets seperate dates for Companies / Income Tax
1. Income Tax you have to prepare the B/Sheet as on (April-March)31st March.
2. Companies Act asking only 12 months B/Sheet Only any period they not ask.
3. Thatsway most of people do same date for Income Tax / Company March, there is no problem of explanation
Note: Some of the US / UK companies in India do the B/Sheets December for Companies Act, March for Income Tax Act.
Otherwise has to prepare two B/Sheets
1. Income Tax you have to prepare the B/Sheet as on (April-March)31st March.
2. Companies Act asking only 12 months B/Sheet Only any period they not ask.
3. Thatsway most of people do same date for Income Tax / Company March, there is no problem of explanation
Note: Some of the US / UK companies in India do the B/Sheets December for Companies Act, March for Income Tax Act.
Otherwise has to prepare two B/Sheets
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