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Accounts to be maintaned

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(Querist)
15 December 2008 I want to know when the person is liable to keep books of accounts under proprietorship business. Upto what turnover he need not to maintain accounts.

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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
15 December 2008 Up to 10 lakhs in normal situation and upto 40 lakhs if opting presumptive taxation u/s 44 AD and 44AF--Need not maintain books of account.
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Ravikumar.G

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Ravikumar.G (Expert)
16 December 2008 If specified professionals gross receipts exceed Rs.1,50,000/- in all the prior 3 years or during current PY in which commenced business.

a) For others where income from business or profession exceeds Rs.1,20,000 in any of the 3 preceding PY or likely to exceed during current year, or

b) where the turnover or sales or gross receipts exceeds Rs.10L in any of the 3 preceding PY or likely to exceed during current year, or

c) declaring lower income than as prescribed u/s 44AD/AE/AF/BB/BBBB.
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