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business query
what happens if accounts has not been maintained properly in a business firm since incorporation. but the tax is being paid. let me know in the context of income tax and also in accounting rule.
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| Originally posted by :Revathi | ||
| " | what happens if accounts has not been maintained properly in a business firm since incorporation. but the tax is being paid. let me know in the context of income tax and also in accounting rule. | " |
Failure to maintain prescribed Books of accountsand documents could attract penealty u/s 271A of Rs. 25000.If the assessee is engaged in a retail business and his turnover is less than 40 lakhs and his net profit is more than 5% of the turnover, he is not required to maintain books of accounts as per sec 44AF.
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