Balance sheet & pnl.
This query is : Resolved
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
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
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.
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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