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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Advances to related party
- Intimation under section 245
- Royalty payments to the Mining Department for procurement of murum - GST input
- Capital Gains Tax on Inherited Mutual Fund
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
