Verticle balance sheet
This query is : Resolved
Urvashi@0311
(Querist)
28 February 2025
it is compulsory for non corporate entity (ENTITY COVERED UNDER TAX AUDIT) to give verticle balance sheet????
Dhirajlal Rambhia
(Expert)
28 February 2025
No, it is not compulsory for a non-corporate entity covered under tax audit to provide a vertical balance sheet. The Income Tax Act and related rules do not mandate a specific format. However, following the ICAI’s recommendatory vertical format may be considered a best practice, especially post-April 1, 2024, as it enhances standardization and comparability. If the entity or its auditor prefers the horizontal format and it meets the requirements of a true and fair view, it remains acceptable for tax audit purposes.
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