MAT - Preparation of Statement Profit & Loss Account - [ Section 115JB(2) ] - Income Tax - Ready Reckoner - Income Tax

Section 115JB(2) Preparation of Statement Profit Loss Account (a) Every company, other than the company referred to be in clause (b) shall for the purpose of this section prepare its statement profit and loss account for the relevant previous year in accordance with the provisions of Schedule III to the Companies Act, 2013 . c (b) Every insurance or banking company or any company engaged in the generation or supply of electricity, or to any other class of company for which a form of financial statement has been specified in or under the Act governing such class of company [ second proviso to section 129(1) of the Companies Act, 2013 ] is applicable, shall, for the purposes of this section, prepare its statement of profit and loss for the relevant previous year in accordance with the provisions of the Act governing such company. [ Section 115JB(2)(b) ] (c) The section also specifies that the statement of profit and loss for the relevant previous year has to be drawn in accordance with Schedule III to the companies act, 2013. Further, while preparing the annual accounts the accounting policies the accounting standards adopted for preparing such accounts including statement of profit and loss account the method and rates adopted for calculating the depreciation. shall be the same as have been adopted for the purpose of preparing such accounts including statement of profit and loss account as laid before the company at its annual general meeting in accordance with the provisions of section 129 of Companies Act, 2013 . (d) Where the Financial year adopted by the company under the Companies act, 2013 which is different from the previous year under this Act- the accounting policies the accounting standards adopted for preparing such accounts including statement of profit and loss account the method and rates adopted for calculating the depreciation. shall correspond to the accounting policies, accounting standards and the method and rates for calculating the depreciation which have been adopted for preparing such accounts including statement of profit and loss for such financial year or part of such financial year falling within the relevant previous year.