Not maintained a/c

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Querist : Anonymous

Querist : Anonymous (Querist)

14 April 2012 dear experts,
i started a business of hardware from 01-04-2009. in f.y.11-12 it reach to rs. 45 lacs turnover.
but till the date not maintained any accounts. though iam filing VAT quaterly( on the basis of purchase and sale bill) and also filing income tax return on estimate basis.

Please suggest me what i do now, i want to maintained since the beginning.
Also what kind of register i used to keep to record my daily transaction manually.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

14 April 2012 For FY 2011-12, you have to show profits @ 8% on the Sales (Less Return).
.
Now your turnover is good enough and it seems that your idea of maintaining Books of A/c is
like " What -an Idea?? Sir jee....????"
.
If you like -
1. Maintain Books of A/c for FY 2011-12 and onwards only.

There is no meaning in doing Homework of Standard 12fth after the Annual Exam is over.
.
You may record the transactions manually but
this exercise should be done for limited purpose and only for recording the Day 2 Day transactions.
.
"Zamana Badal Chuka he? Raftar Badhani Hogi."
So maintain the regular books of Account on computers only.
.

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