Can an accountant do a profit and loss statement? A certified income statement requires the services of a certified public accountant. Financial statements are certified by a CPA who examines them, ...

This is the final part of the profit and loss account. If the net profit figure is negative, the business has made a loss.

2. The solitary issue in appeal is against disallowance of expenses u/s. 37 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) being the contingent liability of Rs. 3,07,75,963/- ...