Books of account

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anant

anant (Querist)
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02 September 2013 DEAR SIRS,
My Question is are lawyers supposed to maintain books of account and how?
Thanks

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 September 2013 Yes lawyers need to maintain books as per sec 44AA prescribes all professionals to maintain and lawyers are covered by it.

anant

anant (Querist)
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03 September 2013 Can you specify Sir what books etc is a lawyer supposed to maintain other than a cash book of receipts of fee?That would be very helpful to me.
THANKS IN ADVANCE

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 September 2013 Those books which are mentioned under section 44AA of Income tax act.

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Ganeshbabu K

Ganeshbabu K (Expert)
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06 September 2013 what are those books mentioned in section 44AA for lawyers please kindly provide the list of books mentioned there in with relevant clause
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in general you better maintain a tally
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however you should maintain cash vouchers,and bank payment vouchers,and journal vouchers and all transactions to be recorded in tally will be helpful to auditor to assess your income and file your return

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anant

anant (Querist)
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06 September 2013 Ganesh babu Sir,
Cash vouchers to record cash payments of professional expenses like salary to staff. What is bank payment vouchers ? Is it pay in /deposit slip? And what is journal voucher? Kindly explain sir
Thanks in advance

Ganeshbabu K

Ganeshbabu K (Expert)
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06 September 2013 1)if you pay expences in cash you have to maintain cash vouchers and evidence required for cash vouchers..like repairs expences and others where you have to take receiver signature,,authorised signature

2)bank payment voucher means if you make payments in cheque it should be supported by bank payment voucehr

you better appoint some small accountant

anant

anant (Querist)
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06 September 2013 Ganesh Sir,
At this stage I do not need an accountant. I want to learn and do it myself.
What is journal voucher? Please tell me is there any easy to do accounting software (other than tally) for professionals ,not very expensive, where I can make entries of all my fees and expenses in my free time and at the end of the fy the balance sheet and profit loss statement is ready for printout and I can do my efiling without any running around.
thanks in advance

Ganeshbabu K

Ganeshbabu K (Expert)
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06 September 2013 tally is the user friendly software
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if you dont want to go for tally
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better you go for manual books and maintain ledgers of customers in ledger books and can summarise at year end
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however you can get crack version of tally also consult some sofware vendor/or some other having knowledge of tally already they may help you

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