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
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.
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