Difference btw tax b/s nd a/c b/s

This query is : Resolved

Maina (Querist)
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23 December 2014 I want to know the main difference between tax and accounts Balance sheet. And also if the date to submit my tax B/s to 30.11.2014 will it also effect the papers to be submitted in bank for review of my limits.?

Amol S Joglekar

Amol S Joglekar (Expert)
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23 December 2014 There is no ANY concept like like Tax Balance Sheet and Accounts Balance Sheet
There is ONLY one Balance Sheet
While filing income tax return, one can prepare computation of income in which addition/deductions are made as per Income Tax allowability

Rupesh Jain

Rupesh Jain (Expert)
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24 December 2014 it is not tax b/s or a/c b/s
b/s is only one.
for profit it will be diff due to depreciaton rate or exp. which is deductible on the basis of payment of exp.

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