Income Tax || Option for IndAS - BS and P&L in case IndAS is applicable on a company

In the assessment year 2018-19, the IT Department introduced a new schedule for the Balance sheet - IndAS and Profit & Loss - IndAS Account within the ITR - 6 form.

Part A-BS(IndAS) and Part A-P&L(IndAS) are pertinent to companies that prepare their financial statements in adherence to the Indian Accounting Standards (IndAS) specified in the annexure to the Companies (Indian Accounting Standards) Rules, 2015.

To activate the option for IndAS-BS and IndAS-P&L, please follow the steps outlined below:

Step 1: Open the Income Tax software and navigate to Transactions → Company Information in the menu bar.

      

Step 2: Click on the "Company Nature" button.

      

Step 3: Select the "Are you liable to prepare financial statements in compliance to Ind AS?" option and save.

      

Step 4: To input the details for the Balance Sheet IND-AS and Profit & Loss IND-AS:

Go to Transactions → General Information /BS/P&L. This will enable the IndAS-BS and IndAS-P&L Format.

      

Regarding Schedule MAT:

The following particulars must be furnished for MAT if IND-AS applies to a company.

Navigate to Transactions → MAT/AMT and provide the details for Point no. 14 and Point no. 15.

      

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