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Failure to maintain books of accounts

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Ramesha.M (Querist)
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19 July 2012 Dear sir
An individual Proprietorship concern having turnover below 6000000 in the AY-2012-13 . Is it compulsory maintains books of account or not. If yes he is failure to maintain books of accounts how much penalty and interest, others amount he should be paid?

CS ANAND RAVADA

CS ANAND RAVADA (Expert)
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19 July 2012 not required to maintain. In the case of offered lesser profit, books are required to maintain and audited.
2.penalty does not arise

Ramesha.M (Querist)
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19 July 2012 Sir

Thank you very much

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