Disclosures no Longer Mandatory
The following disclosures are not required by the revised Schedule :
- Interest payable/ paid to managing director/ manager. However, this disclosure may still be required under AS 18.
- Amounts reserved for repayment of loans and share capital.
- Details of managerial remuneration and computation of net profits in accordance with Section 349 of the Act. However, managerial remuneration would have to be disclosed to the extent required by AS 18.
- In case of non-provision for depreciation, disclosure in the notes of the fact that no depreciation has been provided along with the quantum of arrears of depreciation calculated as per Section 205(2) of the Act. This was in any case redundant in the context of requirements of AS 6.
