Balance Sheet for Traders and Stores
Yes, there are threshold limits for balance sheet drafts for traders and stores. The threshold limit is determined by the turnover of the business. Businesses with a turnover of less than INR 25 lakhs are not required to submit a balance sheet draft. Businesses with a turnover of INR 25 lakhs or more are required to submit a balance sheet draft.
The following are the threshold limits for balance sheet drafts for trader and stores in India:
- Turnover of less than INR 25 lakhs: No balance sheet draft is required.
- Turnover of INR 25 lakhs to INR 50 lakhs: Balance sheet draft is required if the business has borrowed funds from a bank or financial institution.
- Turnover of more than INR 50 lakhs: Balance sheet draft is required regardless of whether the business has borrowed funds from a bank or financial institution.
The balance sheet draft must be submitted to the Registrar of Companies (RoC) within 30 days of the end of the financial year. The balance sheet draft must be accompanied by a certificate from a chartered accountant.
To visit: https://www.incometax.gov.in
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