Financial Statements in Thousands

[JOHN SHANNEL]

Is it compulsory to prepare Financial Statements in Thousands for a Indian Company have turnover below 50 crore while its holding company is doing a turnover of 1000 crore. Also guide me which act deals this.

[CAGOPALJI AGRAWAL]

It is not necessary. The rounded off provision has been stated in schedule VI of the Companies Act Note No.3 of Part I.

AI Summary

Indian Company with Turnover Below 50 Crore Not Required to Round Financials to Thousands per Schedule VI, Note No.3. A user inquired whether it is mandatory for an Indian company with a turnover below 50 crore to prepare financial statements in thousands, given its holding company has a turnover of 1000 crore. The response clarified that it is not necessary, referencing Schedule VI of the Companies Act, specifically Note No.3 of Part I, which addresses the provision for rounding off financial statements.