22 November 2014
1. If you have exceeded the limit provided in Section 44AB, then you have to maintain books of accounts.
2. However, if you are an individual or a partnership firm and your turnover does not exceed Rs. 1 crore then you need not maintain books of accounts PROVIDED you show a minimum income of 8% of the turnover.
22 November 2014
if your turnover exceeds rs. 100 lacas then you have to maintain the books of accounts and take the audit report from accountant u/s 44AB.
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