Books of a/c
This query is : Resolved
30 October 2015
All dear sir , if a pvt.co. has sales only 20- 30 lakh then is it necessary to maintain books of a/c ?
30 October 2015
yes. The private companies accounts are subject to statutory audit under Companies Act. And unless you write the books of accounts, the auditor may NOT be able to audit the same.
30 October 2015
But sir we have 3 co's in same business line and maintaining only two co. A/c . As 3rd co. Sales is only 12 to 18 lac so not maintaining 3rd co. Books of a/c properly .
30 October 2015
You need to do it dear, if you are sure of your turnover, then better go for partnership or sole proprietory form of organisation.
When you have selected to be a pvt ltd company, certain things are MUST. like books of accounts. You can keep the same in electronic media.
When you have selected to be a pvt ltd company, certain things are MUST. like books of accounts. You can keep the same in electronic media.
30 October 2015
Sir You mean to say in a firm having turn over 15-20 lakh. Then it is not necessary to maintain books of a/c .
30 October 2015
Keeping accounts is inevitable for any form of business. Keeping accounts as per the STANDARD form is what is required for Pvt ltd company.
In the case of sole proprietory and firm opting for 44AD, books of accounts are not required by Income Tax.
So yo say, the provisions as to keep the accounts are bit soft as per the form of organisation.
In the case of sole proprietory and firm opting for 44AD, books of accounts are not required by Income Tax.
So yo say, the provisions as to keep the accounts are bit soft as per the form of organisation.
30 October 2015
You are most welcome.
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