Schedule , p&l account , balance sheet .

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Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2014 Sir , I am having 2 queries

1) What are the schedules for profit and loss account and Balance sheet ?

2) profit and loss account of the company should be as per the Income tax act or as per the company act 1956 at the end of the year?.

Thanks in advance .

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 March 2014 please refer schedule VI.

second question is rather very basic. please read provisions of companies act.

secondly there is nothing called preparation of books are per income-tax act. income tax adjustments are not made in the books

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2014
Thanks for reply sir.

However ,I am taking about exp allowed and disallowed in P&L .

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 March 2014 honestly tell me...where does your query suggest that? regardless, you always prepare profit & loss account as per companies act only.

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2014
Sir,for i.e Expense shown by us 20000/- and allowed only 4000/- .

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 March 2014 allowed 4000 under what? tax law?