Can you give me answer of these two question:
Q.1-As per new rules if a company is having more than 20% share holding of any other company than is it necessary to make a composite Balance sheet from this year that is 2014-15
Q.2-Before submission of Income Tax return submission of wealth tax is compulsory from the year 2013-14 or from 2014-15
Ans1. Yes it is necessary to prepare consolidated accounts as per Companies Act, 2013 as the company having more than 20% shareholding will become associate companies.
Accounting for associate is applicable only when Consolidated Financial statement is required to be prepared, otherwise it is not required.
Thanks
correct me if i am wrong
CAclubindia
