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..?
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..?
T R SOOD & CO
New Delhi
CA Inter
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