Not a CA , can we prepare balance sheet
This query is : Resolved
04 November 2024
I am not a CA or related to finance in any way .Can i prepare a balance sheet, Profit statement , cash flow by learning from youtube/internet and present it to concerned parties ? isthere any legal restriction ?
04 November 2024
In general no problem except:
Companies Act, 2013: If you're preparing financial statements for a company, only a CA in practice can audit and sign the financial statements under Section 139 of the Companies Act, 2013.
Income Tax Act, 1961: For income tax purposes, financial statements must be prepared in accordance with the Act and rules. While anyone can prepare the statements, only an authorized signatory (e.g., CA, lawyer) can verify and sign the returns.
GST: GST returns and financial statements must comply with GST regulations. Only authorized persons, including CAs, can sign and verify GST returns.
Banking and Financial Institutions: When presenting financial statements to banks or financial institutions for loan purposes, they may require statements prepared and certified by a CA or other qualified professionals.
Companies Act, 2013: If you're preparing financial statements for a company, only a CA in practice can audit and sign the financial statements under Section 139 of the Companies Act, 2013.
Income Tax Act, 1961: For income tax purposes, financial statements must be prepared in accordance with the Act and rules. While anyone can prepare the statements, only an authorized signatory (e.g., CA, lawyer) can verify and sign the returns.
GST: GST returns and financial statements must comply with GST regulations. Only authorized persons, including CAs, can sign and verify GST returns.
Banking and Financial Institutions: When presenting financial statements to banks or financial institutions for loan purposes, they may require statements prepared and certified by a CA or other qualified professionals.
04 November 2024
Thanks for the prompt reply Mr Rambhia . Actually ,the balance sheet and profit/cash flow statements is PROJECTED not AUDITED . Will this information change the answer drastically ?
04 November 2024
Even if it be projected, the power to accept it or reject lies with bank (in case of loan approval). For others rule doesn't change.
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
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
