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Maintainance of Books Of Accounts

Varghese George (25 Points)

15 September 2021  
I happened to be employed in a Mobile shop a few days back....I understood that they don't maintain their books of Accounts properly which in my opinion could land them in trouble in the future...

I hope I am correct in my opinion if not please advise me....

 3 Replies

prasad Nilugal (Sr . Accountant and GST Practitioner . )   (7024 Points)
Replied 15 September 2021

If profit is more than 2.5 lacs or turnover is more than 25 lacs , then maintenance of books of accounts is compulsory as per Income tax act , But it's better to maintain the books of accounts and must be maintained .
1 Like

Varghese George (25 Points)
Replied 15 September 2021

Thanks...not to mention they empathise more on customer satisfaction rather than properly maintaining the accounts which to my knowledge is wrong 

yasaswi gomes (My grammar is 💯 good I)   (6636 Points)
Replied 16 September 2021

That’s useful information. Maybe  shop has more will have more profits. You can complain I guess but how can you prove it?


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