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Requirement of maintaining books of accounts

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16 July 2013 One of my relative is having a business of photocopying (xerox). He is having a turnover around Rs. 2.50 lacs p.a. and an income of Rs. 0.95 lacs p.a. Is he required to maintain his books of accounts? Please advise.
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CA. RICHI SAXENA

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CA. RICHI SAXENA (Expert)
16 July 2013 No he is not required to maintain books of account.Going by your statement the profit shown is around 38% which is well above the audit limit.
Just for your knowledge your relative will be required to get his accounts audited if the profit shown in the books gets below 8% of the total turnover.
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