i am property dealer having gross receipt of Rs. 4,00,000/- pa, i show the net profit for the last year 1,50,000/-. please let me know that is maintaining the books of account is necessary or not.
17 November 2009
In your case, if the income does not exceeds Rs.1.2 lacs or the total sales, turnover or gross receipts does not exceeds Rs.10 lacs in all the three year immediately preceding the previous year then you are not required to maintain any books of accounts.But if the same exceeds in any of the 3 years immediately preceding the previous year, you are required to maintain books of accounts.
CAclubindia
