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MAT - Preparation of Profit & Loss Account - [Sec. 115JB(2)] - Income Tax - Ready Reckoner - Income TaxExtract SEC 115JB(2) : PREPARATION OF PROFIT LOSS ACCOUNT (a) Every company, other than the company referred to be in clause (b) shall for the purpose of this section prepare its statement profit and loss account for the relevant previous year in accordance with the provisions of Schedule III to the Companies Act, 2013 or, (b) Every company, to which the second proviso to sub-section (1) of section 129 of the Companies Act, 2013 is applicable, shall, for the purposes of this section, prepare its statement of profit and loss for the relevant previous year in accordance with the provisions of the Act governing such company Provided that while preparing the annual accounts including statement of profit and loss account the accounting policies the accounting standards adopted for preparing such accounts including statement of profit and loss account the method and rates adopted for calculating the depreciation. shall be the same as have been adopted for the purpose of preparing such accounts including statement of profit and loss account as laid before the company at its annual general meeting in accordance with the provisions of section 129 of Companies Act, 2013 . Provided further that where the Company has adopted the FY under Companies act, 2013 which is different from the previous year under this Act- the accounting policies the accounting standards adopted for preparing such accounts including statement of profit and loss account the method and rates adopted for calculating the depreciation. shall correspond to the accounting policies, accounting standards and the method and rates for calculating the depreciation which have been adopted for preparing such accounts including statement of profit and loss for such financial year or part of such financial year falling within the relevant previous year.
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