Accounts keeping

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105 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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On 03 July 2020 at 13:01 Report
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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.

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3924 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
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On 03 July 2020 at 13:26
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4215 Points Posted on 05 July 2020
Even your turnover will be less than limit you may maintain the necessary documents
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On 05 July 2020 at 13:43

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