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Dear Experts,
Balance Sheet is a statotory document. Under which Section of the Income Tax Act or Company Act ?
Balance Sheet -a statutory document ?
17 Apr 2019 
4 Replies 
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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. (AI Summary)
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. (AI Summary)