Balance Sheet for Doctors
There is no specific turnover limit for drafting a balance sheet for doctors in India. However, as mentioned in my previous response, if the doctor’s total receipts for the financial year exceed Rs. 50 lakhs, then they are required to get their accounts audited. As part of the audit, the auditor will prepare a balance sheet.
So, in a way, the turnover limit for drafting a balance sheet for doctors in India is Rs. 50 lakhs. However, it is important to note that this is just a threshold.
Even if the doctor’s receipts are below Rs. 50 lakhs, they may still be required to prepare a balance sheet if they are borrowing money from a bank or other financial institution, or if they are required to do so by a professional body.
It is always best to consult with an accountant or the relevant professional body to determine whether you are required to prepare a balance sheet.
To visit: https://www.mca.gov.in/
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