Income tax
This query is : Resolved
21 November 2014
We are doing automobile business, turnover crossed. Whether we should follow accounts book or not.
22 November 2014
1. If you have exceeded the limit provided in Section 44AB, then you have to maintain books of accounts.
2. However, if you are an individual or a partnership firm and your turnover does not exceed Rs. 1 crore then you need not maintain books of accounts PROVIDED you show a minimum income of 8% of the turnover.
2. However, if you are an individual or a partnership firm and your turnover does not exceed Rs. 1 crore then you need not maintain books of accounts PROVIDED you show a minimum income of 8% of the turnover.
Rupesh Jain
(Expert)
22 November 2014
if your turnover exceeds rs. 100 lacas then you have to maintain the books of accounts and take the audit report from accountant u/s 44AB.
01 December 2014
1. the ans is yes.......................
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