Income tax

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Prakash

Prakash (Querist)
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21 November 2014 We are doing automobile business, turnover crossed. Whether we should follow accounts book or not.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

Rupesh Jain

Rupesh Jain (Expert)
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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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 December 2014 1. the ans is yes.......................

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