Applicability of revised schedule vi

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Bhavesh Patel (Querist)
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16 April 2012 Our company is following Calander year as accounting year, hence we prepared the financial statements as on 31.12.2011 as per old Schedule VI...

Now, we are preparing the financials for the F.Y. 2011-12 for the Income tax purpose..

Whether Revised Schedule VI is applicable or not?

Ajay Mishra

Ajay Mishra (Expert)
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16 April 2012
Hi

The Ministry of Corporate Affairs (MCA) has prescribed a revised Schedule VI to the Companies Act, 1956 vide Notification dated 28.02.2011 which is applicable for the financial statements prepared for all financial periods beginning on or after 1 April 2011 by Indian Companies. The revised Schedule VI introduce many concepts and disclosure requirements and also does away with several statutory disclosure requirements. The existing form of Balance sheet in Schedule VI was inserted by The Companies (Amendment) Act, 1960.

If your financial period start from 1 april 2011 then u will prepare in revised Schedule VI.

Now your financial statement start with 01.01.2012 and end with 31.12.2012 then u will adopt revised Schedule VI.

Regards

Bhavesh Patel

Bhavesh Patel (Querist)
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20 April 2012 But which format will be applicable to the financials for the period April'11 to March'12...

Ajay Mishra

Ajay Mishra (Expert)
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20 April 2012 If your financial Year start from 01.01.2012 then you are not required to use revised Schedule VI.

If your Financial year start from 01.01.2011 to 31.12.2011 then u will use old schedule VI.

Regards

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