Please confirm whether in case of Partnership Firm covered under Tax Audit under 44AB of I.T.Act, the Preparation of Financial Statements i.e. Balance Sheet & Profit & Loss Account can be in T Format or it is mandatory to prepare only in Vertical Format likewise in case of Pvt Ltd Co. as per Companies Act in Revised Schedule VI.
14 July 2013
Ohhhh dear You might confused Companies are governed by Companies act which requires Stat. Audit Tax audits is governed by Income Tax Act Please read section 44AB properly
Thanks For reply.For your Kind Information I am not confused so far provisions of Comapnies Act & Tax Audits respectively are concerned, Only I wanted to confirm that for the preparation of Financial Statements as applicable to non corporate assesses is still valid in T format or not.Please reply with Yes or No.
16 July 2013
There is no format is prescribed for presentation of financial statement of Non corporate Assessees under Insome Tax Act. Therefore you can made in any format in which you find comfortable.
CAclubindia
