Revised schedule vi

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2012 I have filed B/S OF f.y 2010-2011 as per Revised Schedule VI.Want to know whether its right to do that or not.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 January 2012 It is not correct. New Schedule VI will come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after 1.4.2011”.

Parashar

Parashar (Expert)
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07 January 2012 yes the effective date of schedule vi is after fy 01/04/2011

Querist : Anonymous

Querist : Anonymous (Querist)

12 January 2012 what consequences will be there.

Querist : Anonymous

Querist : Anonymous (Querist)

12 January 2012 what consequences will be there.

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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22 July 2025 Got it! So, as per the official position, the Revised Schedule VI is mandatorily applicable only from 1st April 2011, i.e., for the financial year 2011-12 onwards.

If you have filed the Balance Sheet for FY 2010-11 already prepared as per Revised Schedule VI, technically, it is not correct because:

The revised Schedule VI was not yet effective for FY 2010-11.
The law expects companies to follow the old Schedule VI for FY 2010-11.
Possible consequences:
The filing might be objected to by the Registrar of Companies (ROC) or the tax authorities for not following the prescribed format.
Auditors may raise issues in their audit report about non-compliance with prescribed accounting standards.
If this is discovered during compliance checks, you may be asked to re-submit or re-file the financial statements in the correct format.
However, in practice, such re-filings are rare unless there are material differences or discrepancies caused by the format change.
What you can do now:
You may consider explaining in the Directors’ Report or notes to accounts that the revised Schedule VI format was used voluntarily for better transparency.
If any authority objects, be ready to prepare and submit the financials as per old Schedule VI for FY 2010-11.
Summary:

Early adoption is not officially permitted for FY 2010-11.
Ideally, FY 2010-11 accounts should follow old Schedule VI.
No strict penalties usually, but possibility of objections from ROC/auditors.

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