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Maintenance of books

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17 August 2015 ONE OF MY CLIENT HAS CONSULTANCY INCOME OF RS.1170000/- DURING FY 2014-15, BUT HE HAS NO CURRENT ACCOUNT IN BANK.ALL THE PROCEEDS ARE RECEIVED IN HIS SAVINGS ACCOUNT. HE HAS TO FILE HIS INCOME TAX RETURN FOR AY 2015-16. WHETHER HE HAS TO PREPARE PROFIT & LOSS ACCOUNT & BALANCE SHEET FOR IT RETURN OR FILE IT RETURN WITHOUT MAINTAINING BOOKS OF ACCOUNTS.
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Amol S Joglekar

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Amol S Joglekar (Expert)
17 August 2015 01. Assessee needs to maintain the books of account.
02. Savings account will do, no issues.
03. Prepare Income and expenditure account rather than Profit and loss account.
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