Threshold limit

As per Revised Schedule VI separate disclosure is also required for the following items which are classified under ‘Other Expenses’:

(a) Consumption of stores and spare parts;

(b) Power and fuel;

(c) Rent;

(d) Repairs to buildings;

(e) Repairs to machinery;

(f) Insurance;

(g) Rates and taxes, excluding taxes on income;

(h) Miscellaneous expenses.

The threshold for disclosure of ‘Miscellaneous Expenses’ is changed to those that exceed ‘1% of revenue from operations or Rs.100,000 whichever is higher’ as against the requirement of pre-revised Schedule VI of ‘1% of total revenue or Rs.5,000 whichever is higher’.

 

My question is whether this threshold limit of miscellaneous expenses apply to partnership also or only to companies???

Replies (2)

AS PER MY KNOWLEDGE, SCHEDULE VI APPLICABLE FOR ONLY COMPANIES.

Schedule VI relates to companies only.

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