Audit report (co act & it act)
This query is : Resolved
CA CS Manmath Thakur
(Querist)
29 April 2013
we are finalising balance sheet of a private limited company which is incorporated in January 2012. We have prepared revised sch VI for 15 months as on 31.03.2013.
Whether we have to prepare two balance sheets for tax audit purpose i.e. from Jan 12 to Mar 12 and from 1.4.12 to 31.03.13.
Whether we are required to give tax audit report in form no 3CA or 3CB as the period of balance sheet is different under co act and under IT act.
What heading we should give for previous year column?
Whether we have to prepare two balance sheets for tax audit purpose i.e. from Jan 12 to Mar 12 and from 1.4.12 to 31.03.13.
Whether we are required to give tax audit report in form no 3CA or 3CB as the period of balance sheet is different under co act and under IT act.
What heading we should give for previous year column?
Akriti Bhatia
(Expert)
29 April 2013
Dear Manmath
Companies act & IT Act are different to each other.
As per IT Act your FY will end on 31.03.2012 & 31.03.2013; you are required to maintain two balance sheets & Audit Reports, one for AY 12-13(31.03.2012) & another for AY 13-14(31.03.2013).
In AY 12-13 if your Turnover of business exceeds 60L then you are required to give tax audit report & the previous year column in this year would be nil.
In AY 13-14 if your Turnover exceeds 1Cr then you would be required to give the Audit report & previous year figure would include figures of AY 12-13.
I hope this information is helpful.
Companies act & IT Act are different to each other.
As per IT Act your FY will end on 31.03.2012 & 31.03.2013; you are required to maintain two balance sheets & Audit Reports, one for AY 12-13(31.03.2012) & another for AY 13-14(31.03.2013).
In AY 12-13 if your Turnover of business exceeds 60L then you are required to give tax audit report & the previous year column in this year would be nil.
In AY 13-14 if your Turnover exceeds 1Cr then you would be required to give the Audit report & previous year figure would include figures of AY 12-13.
I hope this information is helpful.
CA CS Manmath Thakur
(Querist)
29 April 2013
Thank U mam
But these two balance sheets for two FY are required to be prepared in Revised SCH VI? As we are preparing only one revised SCH VI for 15 months under co act.
But these two balance sheets for two FY are required to be prepared in Revised SCH VI? As we are preparing only one revised SCH VI for 15 months under co act.
Akriti Bhatia
(Expert)
29 April 2013
No
Balance Sheet as per revised schedule Vi would be required as per Companies act only & it would be made for year ending 31.03.2013
But you can maintain Balance Sheets for Income Tax purpose in simple format also. When you would be doing compliances of ROC then you would be required to maintain as per schedule VI.
Balance Sheet as per revised schedule Vi would be required as per Companies act only & it would be made for year ending 31.03.2013
But you can maintain Balance Sheets for Income Tax purpose in simple format also. When you would be doing compliances of ROC then you would be required to maintain as per schedule VI.
CA CS Manmath Thakur
(Querist)
02 May 2013
thank you very much
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