Balance Sheet -a statutory document ?, Income Tax

[KASTURI SETHI]

Dear Experts,

Balance Sheet is a statotory document. Under which Section of the Income Tax Act or Company Act ?

Posts / Replies

[CASusheel Gupta]

As per section 128(1), “Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year…..” Financial Statement includes, balance sheet

Section 44AA of Income Tax Act provides for compulsory maintenance of books of accounts. Further, Explanation to section 139(9) mandates filing of balance sheet with along with return of income.

Thanks and Regards

[KASTURI SETHI]

Sir, Thanks a lot.

[CASusheel Gupta]

Welcome sir

[DR.MARIAPPAN GOVINDARAJAN]

Balance sheet is a statutory document in respect of both Acts.