Balance sheet

Ofcourse individual and HUF also prepare balance sheet for the purpose of filing Income Tax Return.

thank u sir

If Individual and huf having the income from businees then they make the balance sheet and profit and loss a/s,

if Individual and huf donot having the income from businees then they  also make the balance sheet

Navin Sir,

Only a individual/huf having business income need to prepare a balance sheet and maintain books as per Sec 44AA.

Only a individual/huf having business income and NOT maintain books as per Sec 44AA. But they make the balance sheet realted to cash, bank, debtors, and creditors.etc.

Can anyone tell me if a person opens a Sole Proprietorship Business of Selling General Insurance,Life Insurance,Mutual Funds.(working as a agent for diffrent companies). How the Proprietor Maintains his Accounting Books.???. His Income would be only Commission . How to do accounting for this in Tally.

Originally posted by : Prateek
	Can anyone tell me if a person opens a Sole Proprietorship Business of Selling General Insurance,Life Insurance,Mutual Funds.(working as a agent for diffrent companies). How the Proprietor Maintains his Accounting Books.???. His Income would be only Commission . How to do accounting for this in Tally.

commission a/c ...........direct income

bank interest ..............indirect income

TDS on commission ........... incometax

expenses ................... direct expenses

post them and get P/L a/c

@ Navin sir: Is it necessary to maitain books of accounts even if there is no question to pay the income tax?

And especially my question is if the turnover not more than 60Lakhs , even then we need to maintain books of accounts as there is no need to pay income tax as turnover of business doesnt exceed exemption limit....?

Is there any amendment to 60Lakhs..?

Thanks in advance.

Can anyone tell me

Check list All Compliances & Relevant Laws applicable for  PVT LTD Co ...as a Wholesaler doing Stationery Business ...Turnover 5 Crore, No. of Employees 5 ???

@ Prateek and U S Sharma,

if a person opens a Sole Proprietorship Business of Selling General Insurance,Life Insurance,Mutual Funds.(working as a agent for different companies) and having the the income only commission

they need to maintain the record related to income and expenses, in such case if asessee has claim the expenses all expenses would be in the cash therefore assess need to prof the he has withdraw the cash from the bank to mitigate the cash expenses.

@ A.Jayasri

If no income tax liability then no need to maintain books of accounts, but assessee can maintain the records only  for thier convenience.

There is no amedment in rs. 60Lacs

Thank you sir, And one more in question.

If there is no income tax in first year we can support to not maintain books of accounts , but if the second year we are about to pay tax is that same..? suppose our income is fluctuating one year after another its not the same then...?

I also say that  If no income tax liability then no need to maintain books of accounts, but assessee can maintain the records only  for thier convenience.

but if u have paid income tax then u need to maintain records.

Another thing is all assessment year considered as a separate assessment year hence not link with any other assessment year