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Discussion

Mukesh Kumar (Accounts Manager) (1466 Points)

03 October 2013

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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4 Replies

AMITA KOCHER (ASSISTANT MANAGER - FINANCE) (282 Points)
Replied 03 October 2013

AS SEC.209 OF THE COMPANIES ACT, 1956, IT IS MANDATORY TO MAINTAIN BOOKS OF ACCOUNTS..........................

CA Mitesh N Kothari (9821662799) (391 Points)
Replied 03 October 2013

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.

NAMAN SINGHAL (CA final , CS final) (228 Points)
Replied 03 October 2013

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.

Ramanuj (Accountant.) (834 Points)
Replied 04 October 2013

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