Verticle balance sheet
This query is : Resolved
28 February 2025
it is compulsory for non corporate entity (ENTITY COVERED UNDER TAX AUDIT) to give verticle balance sheet????
28 February 2025
No, it is not compulsory for a non-corporate entity covered under tax audit to provide a vertical balance sheet. The Income Tax Act and related rules do not mandate a specific format. However, following the ICAI’s recommendatory vertical format may be considered a best practice, especially post-April 1, 2024, as it enhances standardization and comparability. If the entity or its auditor prefers the horizontal format and it meets the requirements of a true and fair view, it remains acceptable for tax audit purposes.
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