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Regarding revised schedule vi

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This query is : Resolved

Nilesh (Querist)

04 August 2012 Can a company follow old schedule vi for income tax purpose i.e for tax audit .and Revised schedule vi for Statutory Audit as the period are different for Tax audit & Statutory Audit?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

04 August 2012 You may consider the time factor also in preparing two different Balance Sheets.
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At the time of e-filing you have to fill up the Data in ITR according to the prescribed new format. This fact must also be kept in
the view.
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Considering the above, it is better to adopt the changes as fast as we can.
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Tax Auditors certify the Statement of particulars vide Form 3CD, but the prescribed Tax Audit Report in Form 3CA vide clause (c) contains a reference to that particular other act/law under which the financial statements are to be prepared. So, logically, the dates are not relevant here, the statute under which audit is carried out is more important here .

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