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Accounts Maintains

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(Querist)
10 June 2010 Have a nice day
My Income Business Rs.90240/- and interest Rs.32500/- Total Income Excess Rs.120000/- Can me Maintain Books of Accounts is Neccessory?
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
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.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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