HomeKDK UpdateHow to get the option for IND-AS BS and IND-AS P&L in case IND-AS is applicable on a company
September 23, 2019
How to get the option for IND-AS BS and IND-AS P&L in case IND-AS is applicable on a company
In A.Y. 2018-19 the IT Department added a new schedule balance sheet – Ind AS and P&L A/c. Ind AS in ITR – 6 form.
The Part A-BS-Ind AS and Part A-P&L-Ind AS are applicable in case of a company whose financial statements are drawn up in compliance to the Indian Accounting Standards (Ind AS) specified in the annexure to the Companies (Indian Accounting Standards) Rules, 2015
To enable option for IND-AS BS and IND-AS P&L, please follow the steps provided below.
Open the Income Tax software – Go to Transactions → Company Information option given in the menu bar
Click on Company Nature button
Check mark on “Are you liable to prepare financial statements in companies to INA AS?” option
Now, to enter the detail for Balance sheet IND-AS and Profit & Loss IND-AS Go to Transactions → General information /BS/P&L IND-AS BS and IND-AS P&L Format will get enabled.
Below Details to be provided for MAT if IND-AS is applicable on a company. Go to Transactions → MAT/AMT Enter the details for Point no. 14 and Point no. 15.