Do you prepare a Balance Sheet and P/L A/c for client under Presumptive Taxation Scheme

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Student

37 Points Posted on 29 July 2022

Most of the times clients who are under 44AD (PTS) expect a proper balance sheet and P/L for the year because -

1. They prefer having one

2. Banks want a proper BSPL

When a client is not required to maintain proper books of accounts, why should a proper set of BSPL be made and provided?

What is your opinion and what do you do in such cases?

Replies (1)

SEO Sai Gr. Hosp.

121476 Points Posted on 29 July 2022

Even if books are not required to maintain in IT act (PTS) but full details are required to be maintain for GST.

In 90% of such cases, books are maintained, and BS & P&L acc are prepared for loans from bank or other requirements.

Only thing is ITD cannot ask for its scrutiny!!!

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