As per the Income Tax laws a person is required to maintain account books if his gross receipts/ turnover exceeds a specific amount.
Does he require to be ready with his books all the time during a F.Y. i.e. can IT authorities ask him to show books of account any time during the year or only after he has filed the return for a given year..?
e.g. can he be asked in F.Y. 2008-09 to show his books for the same financial year..?
Yes, as per Income tax department books of account should be write on daily basis and signed by the authorities.
Also The books have to be maintained for 8 years.
thx for the replies...
One more query..
What about the small vendors like karyana shops etc....How should they prepare their accounts as most of the goods involve very nominal amounts..?
CCI
Pro
CAclubindia
