TaxTMI 
TaxTMI 
TaxTMI 
Dear Experts,
Balance Sheet is a statotory document. Under which Section of the Income Tax Act or Company Act ?
Balance Sheet -a statutory document ?
KASTURI SETHI
Balance Sheet Confirmed as Statutory Document Under Section 128(1) of Companies Act and Section 44AA of Income Tax Act. A user inquired whether a balance sheet is a statutory document under the Income Tax Act or the Companies Act. An expert clarified that under Section 128(1) of the Companies Act, companies are required to prepare and maintain financial statements, including the balance sheet, at their registered office. Section 44AA of the Income Tax Act mandates the maintenance of books of accounts, and Section 139(9) requires the filing of a balance sheet with the income tax return. Another participant confirmed that the balance sheet is a statutory document under both acts. (AI Summary)