Accounts

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Sudma Sahoo (Querist)
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28 April 2019 If one person has business and all payments and receipts related to business are done through his Saving bank accounts. Tax audit is also applicable in this case.

How to maintain accounts in tally?is there any need to pass journal for each personal and business transaction?

CA. Brijesh Baranwal

CA. Brijesh Baranwal (Expert)
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30 April 2019 1. Tax Audit requirement depends upon the turnover criteria etc., irrespective of whether transaction are being done in Savings A/c. or Current A/c.
2. You may prepare two separate set of books in tally, one for business transactions and the other for personal transactions.

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