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General ledger or balancesheet!!
Hi,
I am an arbitrager by profession on a commsission basis. I want to file my returns by myself,I know the procedure and everything. Just have one doubt, is it okay if I just maintain a "GENERAL LEDGER" or do I also need to maintain "Balance sheet" & "PnL sheet", just incase if there is any query from the IT DEPARTMENT, will a General ledger be sufficient?
Thanks,
Harshit Patel..
Replies (2)
dear Harshit,
Sec 44 AA - books of accounts include ledger, journal, cash book, carbon copy of receipts, invoices etc.
Mr. harish*t, if you are working for commission basis, definetely, you will attracted by TDS deduction. If so, IT will watch you filing. In any way, keeping the books not onlyh for the IT, but also for you to look into for developments. Try to maintain. sekar
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