Maintenance of books of accounts

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Parag Zatakia (Querist)
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10 March 2012 If a person has income from trading of mutual fund, interest from saving account, NRO account and NRE account and interest from fixed deposite and sale of gold, Should he has to maintain books of accounts?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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10 March 2012 No he is not required to maintain books of account becuase he is NOT carrying on any business or profession.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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10 March 2012 Mr.Parag zatakia you said a person has income form trading of mutual funds i.e. he frequently purchases and sale of mutual funds with in days thus it is called as Business Income. From A.Y.2011-12 every business holders should offer minimum profit of 8% on gross turnover under section 44AD and no need to maintain books of accounts otherwise he has to make audit of his books under section 44AB so those who are liable or wants to audit under section 44AB should maintain the books of accounts. For your case assessee offers minimum profit of 8% on gross turnover no need to maintain books otherwise he has to maintain the books.
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