Maintanance of books of accounts by individual assessee

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DINESH KOTHARI (Querist)
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21 September 2012 i want to know about maintanance of book of accounts. what is the time for compulsory maintanance of books of accounts by individual / huf having income from other source / capital gains.

please reply.

Amol S Joglekar

Amol S Joglekar (Expert)
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21 September 2012 44AA gives the various books of accounts to be maintained. At present the better way of maintaining all such accounts is use TALLY software.

DINESH KOTHARI

DINESH KOTHARI (Querist)
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22 September 2012 amol sir

i want to know about the time period for which books to be kept as per income tax act by individual assessee having income from other source/capital gains

Amol S Joglekar

Amol S Joglekar (Expert)
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22 September 2012 You mean PRESERVE? Normally the business houses keep it for 16 years as per general clauses Act. Now with the computerisation, people are having books of accounts right from day one.

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