Liabilty to make books of accounts
Sir
The qus is if any persan who is genrating income from playing schhol van (mini van) (ownd 1 van) having gross recipts of rs 5lacs then is he liable to make proper books of acount ti file itr and which itr has to be fileed 4 or 4S kindly giv the guidlines
Replies (2)
You can file ITR 4S and maintain details of debtors creditors cash, gross receipts and expenses required while filing return. Better to maintain books of accounts for our sake even though you file Income tax return under sec 44AD on presumptive basis and offer 8% as net profit.
thnks it"s realy helpfull
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