09 October 2012
Is Private sector Banks or other companies maintain two Books, one for Income tax and other for Companies Act which they show to shareholders in regular basis.
I want to the standard practice of these companies is they maintain separately 2 books and weather it is allowed or not
09 October 2012
Yes They Need to Maintain Two Books as Per IT & Co Act. They Show Only as Per Co Act. IT Books Only For IT purpose. generally SME Dont Maintain Two Books, What They Do is, Just in There Normal Books Co Act, Only + & - do as regard to Income Tax Calculation is Concerned.
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