Do You Need To Keep Accounts? GST & Income Tax Rules

Accounts keeping

Vijeesh Parapattil

20 Points Posted on 03 July 2020

Is it necessary to keep accounts, if a business is not registered under gst(Under 20k turnover)

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Quick Summary

Even if your business turnover is below the GST registration threshold of £20,000, you may still be required to keep accounts. According to Income Tax law, if your profits exceed £250,000, maintaining financial records is mandatory. It's advisable to keep necessary documents regardless of your turnover or GST status to ensure compliance and good business practice.

prasad Nilugal

20 Points Posted on 03 July 2020

As per GST act if you are registered then you have to maintain books of accounts , however as per the Income Tax law if your profit margin is more than 2,50,000/- ( Two lac fifty thousand ) then you have to maintain books of accounts

KRISSHNAN KP

20 Points Posted on 05 July 2020

Even your turnover will be less than limit you may maintain the necessary documents

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Accounts keeping

Vijeesh Parapattil

prasad Nilugal

KRISSHNAN KP

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