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Mukesh Kumar (Accounts Manager)     03 October 2013

Mukesh Kumar
Accounts Manager 
 53 likes  1461 points

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hi all

              please tell me , how  assessee has not need to maintain regular books for  account .what is compulsory for this

thanks in advance 

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AMITA KOCHER (ASSISTANT MANAGER - FINANCE)     03 October 2013

AMITA KOCHER
ASSISTANT MANAGER - FINANCE 
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AS SEC.209  OF  THE  COMPANIES  ACT, 1956,  IT  IS  MANDATORY TO MAINTAIN  BOOKS  OF  ACCOUNTS..........................

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CA Mitesh N Kothari (9821662799)     03 October 2013

CA Mitesh N Kothari
9821662799 
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as per income tax books of accounts are required to be prepared u/s 44aa for professionals and assesse having turnover of more then 10 lakhs.

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NAMAN SINGHAL (CA final , CS final)     03 October 2013

NAMAN SINGHAL
CA final CS final 
 7 likes  228 points

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The assessee not being a company is not required to maintain books of accounts if he is assessing his income in accordance to section 44 AD. But if he is showing his income below the required 8 % then he has to maintain books of accounts and get it audited also.

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Ramanuj (Accountant.)     04 October 2013

Ramanuj
Accountant. 
 50 likes  829 points

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if any assessee have return file u/s 44ad, it is not compulsory maintain books of accounts. but shown profit less than 8%, than Mandatory is required books of accounts..

thanks

 


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