Balance Sheet for the Chemist
In India, Balance Sheet for the Chemist required to draft a balance sheet if their annual turnover exceeds Rs. 1 crore.
This turnover limit is the threshold beyond which businesses are mandated to maintain proper accounting records, including the preparation of a balance sheet, as per the Companies Act, 2013.
A balance sheet provides a snapshot of a company’s financial stance, presenting its assets, liabilities, and equity at a specific point in time. It is helpful in assessing company financial health.
It helps assess the financial health and stability of the business.
To visit: https://www.incometax.gov.in
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