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....
Replies (3)
Quick Summary
This discussion highlights the importance of proper bookkeeping for businesses, particularly mobile shops. It clarifies that maintaining books of accounts becomes compulsory under the Income Tax Act if profits exceed £2.5 lakh or turnover surpasses £25 lakh. However, it's strongly advised to maintain accounts regardless of these thresholds to ensure compliance and avoid potential future issues, even if customer satisfaction is prioritised.
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 .