Profit & Loss Account in Ranchi
See clearly how your business is performing. We prepare your profit and loss account, ready for tax filing, loans and management decisions.
Turn your records into clear results
A profit and loss account, also called an income statement, lists your sales and other income, and subtracts your costs and expenses, to show profit or loss for a period. It tells you whether the business is actually earning money, and it is the basis for income tax computation.
We prepare your profit and loss account from your books, classify income and expenses correctly, adjust for items such as depreciation, provisions and closing stock, and present it together with your balance sheet. We can also prepare monthly or quarterly statements for better control.
Who should use this service
- Businesses and professionals filing ITR-3 or ITR-4
- Firms, LLPs and companies preparing annual financial statements
- Businesses applying for loans, which ask for two to three years of statements
- Owners who want to track margins and costs each month or quarter
- Businesses preparing for an audit or tender
Why get it done by experts
Clear view of profit
Know your margins and where money goes.
Correct classification
Income and expenses properly grouped.
Adjustments handled
Depreciation, provisions and stock accounted for.
Periodic reporting
Monthly or quarterly statements on request.
Keep these ready
Scanned copies are enough to begin. We tell you if anything else is needed for your case.
Income and expenses
- Sales and income records, invoices and GST returns
- Purchase and expense bills
- Salary, rent and other regular expenses
- Bank statements for the period
Adjustments
- Opening and closing stock details
- Fixed asset list for depreciation
- Loan and interest details
- Previous year’s profit and loss account
How Around Tax works for you
Free consultation
We understand your business and reporting needs.
Collect records
We gather sales, purchase and expense records.
Classify and reconcile
We organise income and expenses and reconcile with the bank and GST.
Prepare the statement
We prepare the profit and loss account with adjustments.
Review and explain
We walk you through the numbers and what they mean.
What happens after
These are the usual follow-up steps. We can handle them for you.
- Use the statement to compute income tax
- Include it in your ITR and audit report, if applicable
- Share it with your bank for loan applications
- Review margins and control costs
- Plan advance tax from your profit
- Keep supporting records safely
Common questions
What does a profit and loss account show?
It shows your income, your costs and expenses, and your net profit or loss for the period.
What is gross profit and net profit?
Gross profit is sales minus the direct cost of goods or services. Net profit is what remains after all other expenses, interest and taxes.
Do small businesses and professionals need one?
Yes, for income tax and loan purposes, most need a profit and loss account, except in presumptive tax cases. We tell you what applies.
Can you do it monthly?
Yes. Many businesses prefer monthly or quarterly statements for control.
What if I do not maintain proper books?
We can help set up and write up your accounts first, then prepare the statements.
This page is general guidance. Around Tax is not a bank or lender. Loan sanction, amount, interest rate and terms are decided by the lender, and we cannot guarantee approval. Scheme limits, subsidies and rules change, so we confirm the current position before we begin.
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Register your profit and loss account with Around Tax
Share your details and our team will call you within 24 hours for a free consultation and a clear quotation. No obligation.