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Notes on accounts to firm!!! Very Urgent Sir!!

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(Querist)
27 August 2010 Dear Experts,
Is it necessary to put notes on accounts to a firm which has to be tax audited if it is a level II firm?
I thought that notes on accounts is necessary only for companies.
Please also provide me as per which section or circular (i.e. legal back up) notes on accounts is necessary even for level II firms.
With regards,
Rajesh.
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Arun

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Arun (Expert)
27 August 2010 Notes to accounts required under Schedule VI of Companies Act , further to my knowledge Companies Act appilicable to Companies not to Firms if that is the case compliance with Notes to account is not necessary.
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CA Ketan Jain

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CA Ketan Jain (Expert)
27 August 2010 I am completely agree with Arun. There no requirement of preparing notes to accounts in case of firms.
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