16 July 2013
One of my relative is having a business of photocopying (xerox). He is having a turnover around Rs. 2.50 lacs p.a. and an income of Rs. 0.95 lacs p.a. Is he required to maintain his books of accounts? Please advise.
16 July 2013
No he is not required to maintain books of account.Going by your statement the profit shown is around 38% which is well above the audit limit. Just for your knowledge your relative will be required to get his accounts audited if the profit shown in the books gets below 8% of the total turnover.
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