Subsidary company& holding company

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Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2011 A client has 51% holding in a company.So its is a holding company.Whether we should include in the Balance Sheet, P&L And computation ,the subsidary company's income & accounts.?
Whether we have to furnish return of income under Income tax act, separately for the two companies?

Naveen Joshi

Naveen Joshi (Expert)
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27 September 2011 if the co. Is a listed co. Then it is required to prepare consolidated financial statements otherwise its not mandatory. However in the standalone balance sheet of holding co. The same is required to be shown as investment and profit share recieved from the subsy is to be shown as dividend income.

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Naveen Joshi

Naveen Joshi (Expert)
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Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2011 A client has 51% holding in a company.So its is a holding company.Whether we should include in the Balance Sheet, P&L And computation ,the subsidary company's income & accounts.?
Whether we have to furnish return of income under Income tax act, separately for the two companies?