Maintainance of business
This query is : Resolved
Satya Mahesh
(Querist)
03 November 2015
hello, in a speculation business if income does not exceed basic exemption limit , is it mandatory to maintain books
Nikhil Kaushik
(Expert)
04 November 2015
income is not the only parameter for maintenance of books. Also look at the turnover.
Satya Mahesh
(Querist)
04 November 2015
the turnover do not exceed 1 crore
Nikhil Kaushik
(Expert)
04 November 2015
read section 44AA instead of 44AB and if you wanna go through 44AD, then consider the total income of the person instead of only the speculative income. Having said that, if the total income consists of this speculative income only, then no need to maintain books for this year
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