Menu
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.
Replies (1)
| 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.
Recent Threads
- Houston Sign Company For Custom Signs, Banners &am
- Refund due to change in GST Rate Tobacco Products
- Lease related query can we rent out lease ?
- Planning of Ceased a Business i.e Closure of Compa
- Property value in 26QB
- Form 26QB Multiple Buyer/Multiple seller
- Company Formation for clothing business
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
Related Threads
CAclubindia
