Schedule Vi + Rent

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This query is : Resolved

Rohit Agarwal (Querist)

13 January 2010 Whether disclosure requirement for rent, rates & taxes as per schedule Vi is to be done separately for :

rent on immovable properties
rent on others

or it can be shown under one head as rent, rates and taxes

or any other such disclosure, if any with appropriate references to the said act or schedules....

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

14 January 2010 Rent may be shown under separate head.
Rates and taxes should be shown under separate head.

Pl refer Part II of Schedule V1 Clause 3 (x) (c) and (h) respectively.

Rohit Agarwal

Rohit Agarwal (Querist)

14 January 2010 not satisfied

Aditya Maheshwari

Aditya Maheshwari (Expert)

16 January 2010 Pl refer Part II of Schedule VI Clause 3 (x)states as follows:

(x) Expenditure incurred on each of the following items, separately for each item:-

(a) Consumption of stores and spare parts.

(b) Power and fuel.

(c) Rent.

(d) Repairs to buildings.

(e) Repairs to machinery.

Aditya Maheshwari

Aditya Maheshwari (Expert)

16 January 2010 Also foot nore of clause 3 reads as under;
9[Provided that any item under which the expenses exceed one per cent of the total revenue of the company or Rs. 5,000 whichever is higher shall be shown as a separate and distinct item against an appropriate account head in the Profit and Loss Account and shall not be combined with any other item to be shown Under "Miscellaneous expenses".]

There is no fixed format for profit & loss a/c in Schedule VI.

We can only suggest but take ur own decision on it.

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