Republic Day Offer: 20% OFF on CAclubindia Pro! Use Code RDAY20. Subscribe Now!

Is maintainance of books of account mandatory ?y

ITR 373 views 2 replies

kiran khairnar

Artical Trainee

28 Points Joined October 2012

dear sir\madam,

Pease suggest me about following

If income from business and proffession is above 1,50,000 but below 2,00,000 and grosss receipt is above 10,00,000 for propritership business. And assesse is invoved in catering as welI as in tranport operator business. Is it mandatory to maintain books of accounts ?

Replies (2)

praveen

Chartered Accountant

6971 Points Joined September 2007

since income from business or profession is more than 150000 books of accounts (exceeds limit u/s 44AA) have to be maintained. However for presumptive income books need not be maintained.

https://capraveenmr.wordpress.com/

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

according to income tax you wont be reqd to maintain books if presumptive basis of income is adopted. but since your gross receipt is more than 1000000 then surely you would be a registered service provider and maintaining details for calculation and payment of service tax. so if you are maintaining details then you could also maintain books of accounts.