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Income to be furnished

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(Querist)
12 June 2008 A hardware retailer, turnover not exceeding 40 lakhs. The income to be considered is 5% Of the turnover.

If yes

Is he required to furnish P/L A/c & B/S?
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AMIT DOSHI

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AMIT DOSHI (Expert)
12 June 2008 In any case BS and PL shall always be drawn... what he has to keep in mind that if he wants to show net profit below the prescribed percentage then he needs to get his accounts audited otherwise provisions of sec 44AA is not applicable.
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YADAV SANTOSH

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YADAV SANTOSH (Querist)
12 June 2008 thank you, but is their any issue if his income is round 10% of the turnover...
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
05 April 2012 Accounts are to be maintained only if the income is shown less than 5%.
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