We have just started a partnership firm, in the business of video production, in January 2016. We don't expect the turnover to exceed 10 lakh till march 31 2016. We don't have any experience in financial matters. We would like to know if need to keep any books of account and do we need to hire a CA to file our returns this year. Someone told us that we can claim a flat profit of 8% of turnover and don't need to keep any accounts. We tried to research but frankly the laws etc are too confusing for us.
We would be grateful if someone can help us in this regard. We understand that from next financial year, we would need to hire a CAa for proper accounting, but we are conerned about this year, which is only 3 months for us. And what care do we need to take while spending, as we just pay from our our own bank accounts for contractors etc and also from the firm account without taking any care.
Thanks for your help!
CAclubindia
