Sales tax and income tax

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Tarun Kumar (Querist)
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28 February 2012 Is it mandatory to keep the stock item wise detail or a person can hold stock just simply as total stock 5% and total stock 13.75%?

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29 February 2012 It is mandatory to maintain item-wise stock register since it is the center point of business and major decisions can be taken by departmental authorities.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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08 April 2012 It is better if you maintain itemwise stock as the value of each item may differ and in future you do not know which item is missing and which item expired. So keep the stock itemwise.

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