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
- Regarding Appointment of auditor in case of casual vacancy
- GST- DRC 03 RCM Liability
- Validity of form 15 G and 15 H on Interest on fixed deposit
- Query on managerial remuneration u/s 197 of CA 2013
- Conversion of Proprietorship Firm to Partnership Firm
- Updated return filing
- GSTR 1- Amend Credit Note
- Supply to unit situated in SEZ
- TDS AFTER SUBMISSION OF 15G OR H
- International transfer pricing- -> father entity vs son entity ->WHERE NO mutual say in management
- Need word format of dissolution of Partnership firm
- GST filling wrong details entered - Amendmend
- Threshold limit of under GST for insurance agent
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- Revision under Section 264 in The Income Tax Act, 1961
Trending Online Classes
-
LIVE Course on GSTR-9 & GSTR-9C (Technical | Practical | Concept - Based)
Sachin Jain03 November 2025
CAclubindia
