LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Electricity co.- rev sch.6??

AASHI (Pursuing articleship) (1482 Points)

06 November 2012

In IPCC RTP, the question of electricity company says to prepare balance sheet as per revised schedule vi...I am confused what is applicaple??

Is revised schedule vi applicable or the relevant act?

Reply
Follow
Share

1 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 06 November 2012

Originally posted by : AASHI
	In IPCC RTP, the question of electricity company says to prepare balance sheet as per revised schedule vi...I am confused what is applicaple?? Is revised schedule vi applicable or the relevant act?

As such, u/s 211(1) & (2) Proviso, Sch VI (R) is not applicable to any Insurance / Banking / Electricity Companies.
.
However, for Companies engaged in the generation and supply of Electricity, there is no prescribed format for presentation of Financial Statements, either in the Electricity Act, 2003, or the Rules framed thereunder.
.
Sec.616(c) states that the Companies Act will apply to Electricity Companies, to the extent it is not contrary to the requirements of the Electricity Act. Hence, Sch VI (R) may be followed by Electricity Companies till the time any other format is prescribed by the relevant statute.

This chapter, Electricity Company, has been re-written in the ICAI study material and Revised Schedule VI has been incorporated. But this material is applicable for May & Nov 2013 exams.
.
For Nov 2012 just be familiar with Revised Schedule VI and do not worry more. All the Best.

1 Like