Two balance sheets for company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 November 2014
When I was at intermediate level our Accounts teacher told us that a company has to prepare two balance sheets due to separate provisions in Companies Act and IT Act..
Do you feel that it is a reality or in essence it happens because my principal finds this(me) very amusing!!
Do you feel that it is a reality or in essence it happens because my principal finds this(me) very amusing!!
CMA Ramesh Krishnan
(Expert)
14 November 2014
Company has to maintain the books as per companies act only. As per income tax only the calculation of profit need to made according to Income tax provisions.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- GST ITC as per notification 12/2023- central tax
- LLP audit and disclosure
- Capital Gains Tax on Inherited Mutual Fund
- Form 144 TDS Return Validation Error – Mandatory Fields
- Gift to nri relatives resides in usa
- GSTR9 Annual Return
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
