Books of account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 April 2018
I have one question regarding accounts of books. Suppose if someone sells items (clothes and some toys) on street and make profit of 20000 per month, does that person has to maintain books of account (FY 2014-15). And if yes, then what books of account one has to maintain.
I am asking this question because in country like India there are so many persons (Very small businessman) who are not capable of maintaining accounts of books because of various reasons like not educated, not aware of).
I am asking this question because in country like India there are so many persons (Very small businessman) who are not capable of maintaining accounts of books because of various reasons like not educated, not aware of).
21 April 2018
Perhaps for the reasons said in para 2 of the query, govt has introduced section
44AD in the Income tax Act,1961 stating that no books of accounts are needed
in case 8% of the turnover is declared as income for income tax purposes.
44AD in the Income tax Act,1961 stating that no books of accounts are needed
in case 8% of the turnover is declared as income for income tax purposes.
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