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<h1>Companies Must Prepare Profit and Loss Statements Per Schedule III, Income Tax Act Section 115JB(2) Highlights Compliance Rules.</h1> Section 115JB(2) of the Income Tax Act mandates that companies prepare their statement of profit and loss for the relevant previous year according to Schedule III of the Companies Act, 2013. Companies such as insurance, banking, or those engaged in electricity generation must adhere to the financial statement forms specified under their governing Acts. The preparation of annual accounts, including accounting policies, standards, and depreciation methods, must align with those presented at the company's annual general meeting per section 129 of the Companies Act, 2013. If the financial year differs from the previous year, consistency in accounting practices is required.
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