Balance Sheet And P&L Account Services in India | Ashok Anshit & Co.
In today’s competitive and compliance-driven business environment, maintaining accurate financial records is not just a statutory requirement—it is a strategic necessity. Balance Sheet And P&L Account preparation forms the backbone of financial reporting, tax planning, decision-making, and business growth.
At Ashok Anshit & Co., we provide professional, reliable, and compliant Balance Sheet and P&L Account services for businesses of all sizes across India. As experienced Chartered Accountants, we ensure your financial statements reflect the true and fair view of your business while fully complying with Income Tax Act, Companies Act, GST laws, and accounting standards.
What is a Balance Sheet?
A Balance Sheet And P&L Account is a financial statement that shows the financial position of a business at a specific point in time. It provides a snapshot of what a company owns and owes, along with the capital invested by the owners.
Key Components of a Balance Sheet
- Assets
- Current Assets (Cash, Bank Balance, Debtors, Inventory)
- Non-Current Assets (Fixed Assets, Investments)
- Liabilities
- Current Liabilities (Creditors, Short-term Loans)
- Long-term Liabilities (Term Loans, Deferred Liabilities)
- Equity / Capital
- Owner’s Capital
- Reserves & Surplus
- A properly prepared balance sheet helps in:
- Evaluating financial stability
- Securing loans and investments
- Meeting statutory compliance
- Business valuation
What is a Profit & Loss Account (P&L)?
The Profit and Loss Account, also known as the Income Statement, reflects the financial performance of a business over a period of time. It shows whether the business has made a profit or incurred a loss. Balance Sheet And P&L Account
Main Elements of P&L Account
- Revenue / Sales
- Cost of Goods Sold (COGS)
- Gross Profit
- Operating Expenses
- Net Profit or Net Loss
- The P&L Account is crucial for:
- Income tax calculation
- Business performance analysis
- Expense control
- Strategic decision-making
Why Balance Sheet And P&L Account are Important for Businesses
Accurate financial statements are essential for every business, whether you are a startup, MSME, partnership firm, LLP, private limited company, or professional. Balance Sheet And P&L Account.
Key Benefits
- Statutory Compliance with Income Tax & Companies Act
- Tax Planning & Optimization
- Loan & Funding Approval
- Business Growth Analysis
- Investor & Stakeholder Confidence
- Audit & Assessment Readiness
Incorrect or incomplete financial statements can result in:
- Tax penalties
- Disallowed expenses
- Notices from Income Tax Department
- Poor business decisions
Our Balance Sheet And P&L Services at Ashok Anshit & Co.
At Ashok Anshit & Co., we follow a systematic, transparent, and compliance-oriented approach to prepare financial statements. Balance Sheet And P&L Account
Our Services Include
- Preparation of Balance Sheet
- Preparation of Profit & Loss Account
- Finalization of Books of Accounts
- Ledger Scrutiny & Rectification
- Depreciation Calculation
- Closing Stock Valuation
- Capital & Loan Reconciliation
- Expense Classification & Optimization
- MIS & Financial Analysis Reports
Who Can Avail Our Services?
We serve a wide range of clients, including:
- Proprietorship Firms
- Partnership Firms
- LLPs
- Private Limited Companies
- One Person Companies (OPC)
- Startups
- Traders & Manufacturers
- Service Providers
- Professionals (Doctors, Lawyers, Consultants)
- NGOs & Trusts
Balance Sheet And P&L Account for Income Tax Filing
Balance Sheet and P&L Account are mandatory for:
- ITR-3, ITR-5, and ITR-6
- Businesses crossing prescribed turnover limits
- Tax Audit cases
- Loan & bank compliance
We ensure that your financials are:
- Tax-efficient
- Audit-ready
- Fully compliant with Income Tax Act
GST Impact on Balance Sheet & P&L
GST compliance plays a vital role in financial reporting. Our team ensures:
- Proper reconciliation of GSTR-1, GSTR-3B, and books
- Accurate treatment of GST input tax credit
- Correct expense classification
- Compliance with GST audit requirements
Accounting Standards & Compliance
We strictly follow:
- Accounting Standards (AS)
- Indian Accounting Standards (Ind AS) (where applicable)
- Income Tax Rules
- Companies Act, 2013
- ICAI Guidelines
This ensures your financial statements are accepted by:
- Income Tax Department
- Banks & Financial Institutions
- Auditors
- Investors
Why Choose Ashok Anshit & Co.?
Experienced Chartered Accountants
Our team brings deep expertise in accounting, taxation, and compliance. Balance Sheet And P&L Account
Accuracy & Transparency
We ensure error-free and transparent financial reporting.
Customized Solutions
Services tailored as per your business structure and industry. Balance Sheet And P&L Account
Timely Delivery
We understand deadlines and deliver reports on time.
Confidentiality Guaranteed
Your financial data is handled with utmost confidentiality.
Our Process
Data Collection
- Books of accounts
- Bank statements
- Invoices & expense details
- Verification & Scrutiny
- Ledger checking
- Reconciliation
- Finalization
- P&L Account preparation
- Balance Sheet preparation
Review & Compliance Check
Tax & statutory alignment
Submission & Support
Filing support
Audit & notice assistance
Common Mistakes We Help You Avoid
- Incorrect expense classification
- Wrong depreciation calculation
- Mismatch between GST & books
- Capital account errors
- Ignoring statutory disclosures
- Incomplete documentation
Importance for Loans & Funding
Banks and NBFCs rely heavily on Balance Sheet and P&L for:
- Loan eligibility
- Credit rating
- Working capital limits
Our professionally prepared financials improve your creditworthiness.
Industries We Serve
- Trading & Manufacturing
- IT & Digital Businesses
- Healthcare
- Real Estate
- Education
- E-commerce
- Professionals & Consultants
Conclusion
Accurate preparation of Balance Sheet and Profit & Loss Account is critical for the financial health, compliance, and growth of any business. At Ashok Anshit & Co., we go beyond basic accounting—we provide clarity, compliance, and confidence.
Whether you need financial statements for tax filing, audits, loans, or business analysis, our expert Chartered Accountants are here to support you at every step.
📞 Contact Ashok Anshit & Co. today for reliable and professional Balance Sheet & P&L Account services.