For a company without a special sector-specific financial-statement format, which Schedule to the Companies Act, 2013 applies to the statement of profit and loss used for the MAT book-profit…
Question and options
For a company without a special sector-specific financial-statement format, which Schedule to the Companies Act, 2013 applies to the statement of profit and loss used for the MAT book-profit computation?
Schedule III
Schedule V
Schedule II
Schedule IV
Answer and explanation
For computing book profit, section 206(1)(f) of the Income-tax Act, 2025 requires a company without a format under its own governing law to prepare its statement of profit and loss under Schedule III to the Companies Act, 2013. Schedule II deals with useful lives for depreciation, Schedule IV with the code for independent directors and Schedule V with managerial remuneration.
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