Maintenance of books of account

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priyankasanghi (Querist)
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14 August 2013 how to maintain books of account as per companies act and books of account as per income tax act separately in tally

Do we maintain only books of account as per companies act and extract the books of account of income tax seperately in excel at the year end.

Please answer the query its very urgent

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 August 2013 Only books of accounts as per Companies Act is to be maintained. Books of accounts maintained as per Companies Act are valid under the Income Tax Act.

The only difference is on account of depreciation for which adjustment is made by creating DTA/DTL.

Separate books of accounts are NOT required to be maintained for Income Tax Act.

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priyankasanghi

priyankasanghi (Querist)
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14 August 2013 sir,
when we need to upload the balance sheet and profit and loss statement while uploading 3CA and 3CD Do we upload the BS and P&L prepared as per the companies act or shall we need to prepare as per the income tax act

thanks in advance sir

Rupesh Jain

Rupesh Jain (Expert)
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14 August 2013 NO REQUIRED SEPERATE BALANCE SHEEET AND P/L A/C FOR INCOME TAX DUE TO AUDIT REPROT OF CA ALSO ATTCH WITH INCOME TAX RETURN FROM THIS YEAR.

DIFF. NORMALLY

DEPRECIATOIN
AND SOME EXP. EXEMPTED IN INCOME ON PAYMENT BASIS LIKE BONUS, EXCISE, SALES TAX, PF ESIC IF NOT PAID THEN THESE WILL ADD IN CO. INCOME

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 August 2013 You will upload the Balance Sheet and P&L prepared as per Companies Act.

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