Revised schdule vi

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2012 As per the Notification Revised Schedule VI is applicable to all companies for the financial year commecing from 01/04/2011.so it is applicable to Section 25 Companies also, normally sec 25 companies is preparing income & expenditure account, but revised schedule vi format has two parts Balance sheet & statement of profit and loss.

Any seperate format is there for Section 25 Companies or it can show their income and expenditure account as statement of profit and loss as per revised sch vi.

please guide us.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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17 September 2012 Yes.. It is applicable to Section 25 companies too.Please read section 210(2) for your clarity.. In case of secton 25 companies Income & Expenditure account is prepared instead of Profit & loss account.
All references to Profit & loss accout shall be construed ' income & expenditure account.