Preparation of audited financial statements

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This query is : Resolved

CA Sanjay Baheti (Querist)

12 July 2013 Dear Experts,

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.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)

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

CA Sanjay Baheti

CA Sanjay Baheti (Querist)

15 July 2013 Mr Kumar Mukesh,

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.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)

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.

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