Limit of turnover
This query is : Resolved
09 October 2013
what are the limits specified for a retail business (Confectionary shop) after which it becomes mandatory to maintain books for itr 4 and 4s in termms of turnover and profits
10 October 2013
if you are eligible to claim presumptive income taxation under 44AD (including limit over turnover: Rs 1 cr) and you are offering profit equal or more than 8%, you are not required to maintain books.
Else you are required to maintain books if your income exceeds Rs 1.2 Lakh or your total receipts exceed Rs 10 Lakhs
Else you are required to maintain books if your income exceeds Rs 1.2 Lakh or your total receipts exceed Rs 10 Lakhs
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