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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Intimation under section 245
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Gift to nri relatives residing in usa
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
