Why balance sheet is furnished with roi? which sec. or rule provides this?

218 views
User Avatar

1 Points Posted on 25 March 2021
We furnish BS & P&l with ROI of HUFs and Individuals. My query is which section or rule of income tax provides this?
0 Reply Share Follow
On 25 March 2021 at 12:00 Report
Replies (5)
Quick Summary
This discussion clarifies why balance sheets are furnished with ROI for individuals and HUFs. While companies are governed by the Companies Act 2013 for this requirement, the rules differ for Hindu Undivided Families (HUFs), which are treated as a separate legal concept under income tax law. The consensus is that income tax law itself doesn't mandate this for HUFs, implying separate considerations apply.

User Avatar

Profession
28261 Points Posted on 25 March 2021
Income Tax does not provide this.
It is governed by Companies Act 2013.
Reply
On 25 March 2021 at 12:22
User Avatar

Chartered Accountant
24588 Points Posted on 25 March 2021
It is under companies act
Reply
On 25 March 2021 at 12:37
User Avatar

17269 Points Posted on 26 March 2021
Not applicable for HUF ROI
Reply
On 26 March 2021 at 09:22
User Avatar

Profession
28261 Points Posted on 26 March 2021
Hindu undivided family is a seperate concept altogether.
Reply
On 26 March 2021 at 09:26
User Avatar

17269 Points Posted on 26 March 2021

The query is pertaining to HUF and individuals

Reply
On 26 March 2021 at 11:32

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Export Compliance
  2. Sale of plots in open land
  3. Income tax query
  4. Best CA Inter coaching in laxmi nagar
  5. HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
  6. Unregistered Association of Persons (AOP) Agreemen
  7. Intimation u/s 245 of income tax act
  8. Ewaybill query
  9. IDS Refund: GSTR-2B Invoice Not Validated in State
  10. Self assessment tax paid not reflected in ITR2 fil

More recent discussions | Post

Related Topics :

Loading