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Querist : Anonymous

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Querist : Anonymous (Querist)
21 July 2013 Assesse having turnover of 15 lakhs,shows income from business @8% which amounts to 120000 . Further has income from other sources i.e FD interest income of 40000 . Hence the total income is 160000 less than the maximum amount which is not chargeable to TAX.

WETHER BOOKS OF ACCOUNTS REQUIRED TO BE MAINTAINED OR NOT . AUDIT REQUIRED OR NOT
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 July 2013 i) No need to maintain books of accounts since presumptive taxation is opted.

ii)Audit is not mandatory since 8% is declared.
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