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Ind as in income tax return 6
In ITR 6 there are now Two Balance Sheet and Two P & L : One Regular and One for a company whose financial statements are drawn up in compliance to the Indian Accounting Standards specified in Annexure to the companies (Indian Accounting Standards) Rules, 2015].
And In ITR there is also one detail asked :-
Whether the financial statements of the company are drawn up in compliance to the Indian Accounting Standards specified in Annexure to the companies (Indian Accounting Standards) Rules, 2015? Yes/No.
So what if company is Pvt Ltd Company having annual turnover below 20 crore need to comply this?
Replies (1)
The government has executed phase-wise convergence of IND AS for ease of operations.
As per the criteria given it won't be applicable to the said private limited company if the networth is less than 250 crores and its and NON-NBFC company.
(Phase IV execution)
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