Accounts Maintains
This query is : Resolved
10 June 2010
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My Income Business Rs.90240/- and interest Rs.32500/- Total Income Excess Rs.120000/- Can me Maintain Books of Accounts is Neccessory?
My Income Business Rs.90240/- and interest Rs.32500/- Total Income Excess Rs.120000/- Can me Maintain Books of Accounts is Neccessory?
10 June 2010
Maintenance of Accounts do not depend on your Income. It depends on your turnover. If your turnover exceeds 60lacs in a year you are required to maintain the accounts.
10 June 2010
Books of accounts has to be maintained if the annual income from business exceeds Rs.1,20,000/- or turnover exceeds Rs. 10,00,000/- in any one of the three years immediately preceding the previous year. Pl check this condition also. For details you may refer section 44AA(2) of the Income tax Act,1961.
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