Balance Sheet -a statutory document ?

[KASTURI SETHI]

Dear Experts,

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

[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.

AI Summary

Balance sheet statutory requirement: Companies Act and Income Tax Act impose preparation, maintenance and filing obligations. Balance sheet is a statutory document required by company law: the Companies Act obliges every company to prepare and keep books of account and a financial statement for each financial year, and the financial statement includes the balance sheet. Under the Income Tax Act, maintenance of books of account is compulsory and the explanation to section 139(9) requires filing the balance sheet with the return of income.