Two balance sheets for company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2014 When I was at intermediate level our Accounts teacher told us that a company has to prepare two balance sheets due to separate provisions in Companies Act and IT Act..
Do you feel that it is a reality or in essence it happens because my principal finds this(me) very amusing!!

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 November 2014 Company has to maintain the books as per companies act only. As per income tax only the calculation of profit need to made according to Income tax provisions.

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