audit u/s 44AB
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 January 2011
Which period shall be audited in case a company is following a financial year different from the previous year?!
Sunil Kr. Sanganeria
(Expert)
20 January 2011
As per Income Tax you have to prepare accounts and get them audited as per financial year even if a company follow accounting year other than a financial year.
You have to prepare two sets of acount one year followed by the company for the purpose of Companies act and other for Financil year as per Income Tax Act.
You have to prepare two sets of acount one year followed by the company for the purpose of Companies act and other for Financil year as per Income Tax Act.
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