regarding cc limit a/c???????????

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CA Lokesh Pokharna (Querist)
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14 February 2010 hiiii my frnd done enquiry in bank @ requirement for openning a cc limit a/c. bank manager told him tht they require balance sheeet of his shop.my frnd not come in sec. 44AB of income tax act.
so can anyone tell me tht which b/s he need to produce to bank,audited(CA SIGHNED) OR self prepared(without CA SIGHNED)....plzzzzzzz

Rahul Gupta

Rahul Gupta (Expert)
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14 February 2010 For Bank CC Limit..they r just required to submit the Balance Sheet u prepared for ur business, for filling ur IT return.

If, you are not in the Audit Limit, then it is not compulsary to get it audited to get CC Limit.

Also, if u can get it signed from a CA, then it will be more beneficial and provides more assurance to the bank.

shrikant

shrikant (Expert)
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14 February 2010 Dear lokesh

For CC limit bank required balance sheet, but no necessary signed by CA. But if sign by CA have added advantage of trust. You prepare balance sheet in line with your friend income tax return.

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