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Balance sheet & pnl.

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(Querist)
14 April 2018 A small sole proprietor firm with Turnover of Rs 40 Lacs and below.
Is it Compulsory to certify the Balance sheet and Profit & Loss sheet by a registered CA?
No Bank loan required by the proprietor - no pending dues to banks / Financial institutes.
Plz help me understand the rules plz.
Thanks

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Nikhil Kaushik

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Nikhil Kaushik (Expert)
14 April 2018 as far as the income-tax is concerned you need to understand this from the perspective of section 44AD and 44AB. However, if this person wishes to obtain a loan in future, maintaining personal balance sheet is not a bad idea.
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CA ALPESH SOMANI

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CA ALPESH SOMANI (Querist)
14 April 2018 There is no mandatory requirement but you have to prepare proper books of account for future reference.
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