Not a CA , can we prepare balance sheet

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Wilson Yomso (Querist)
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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 ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

Wilson Yomso

Wilson Yomso (Querist)
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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 ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

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