Cash basis of accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2014
is it compulsory to maintain books of accounts as per cash basis under any circumstance?
18 February 2014
Yes you have to maintain books if your turnover exceeds the prescribed limited as mentioned in section 44AB otherwise not but it is always helpful if you maintain your books otherwise it will be very difficult to know what is your turnover or total sales and how you will file your VAT return. In case of VAT once you cross the minimum sales you are bound to maintain the books
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