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!!
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.
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