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
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST rate for millets.
- PAYMENT NOT SEND IN 180 DAYS
- Regarding Form 15CA & CB
- Import license renewal
- TDS U/S. 194NF
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
