If an assessee is earning income on commission basis from LIC, Post Office etc, which books of account he is required to maintain u/s 44AA..?
Pls Advise
Menu
Books of Account
Replies (2)
He needs to maintain the books of accounts relating to his income like commission account, expenses and other ledgers, and all the general ledgers that are involved in his accounts. In other words all accounts except the purchase register, sales register and stock records as these are not applicable to such type of business.
In addition to what Amol Sir has said, he can maintain his books of account on cash basis rather than accrual basis.
Thnx
Shikha
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
