is books of account is necessary or not
This query is : Resolved
Pawan Sharma
(Querist)
17 November 2009
dear sir,
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.
thanks & regards
Pawan
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.
thanks & regards
Pawan
C.A.Amitabh Gupta
(Expert)
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.
Pawan Sharma
(Querist)
17 November 2009
thank u very much Mr. Gupta for ur kind reply
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