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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2015 Respected sir,

I have internet cafe, also i do scanning , printing, lamination works and also i receive commission from forex .
Is it necessary to prepare profit and Loss a/c for such business or Income and Expenditure a/c is better ?
Kindly reply.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
22 July 2015 depends on applicable of 44AA....
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Querist : Anonymous

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Querist : Anonymous (Querist)
05 August 2015 Thanks a lot, receipts from internet cafe is around 120000 pa and commission recd is around 150000/- pa. so it would be better to prepare profit and loss a/c? plz let me knw. thanks.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
05 August 2015 yes, if the profit is in excess of Rs 1.2 lakhs
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