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Accounts to be maintaned

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This query is : Resolved

Mohd Sarfaraz Latibani (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.

Thanks

Bhaskaran Chackrapani Warrier

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.

Ravikumar.G

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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