Maintaining illegal books in private limited company


Ajith (Self Employment )     11 May 2016

Ajith
Self Employment  
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Sir, Please tell about the consequences of maintaining illegal books ( I mean No. 2 Books) in a Private Limited Company. Thank you Ajith

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Kumar Gaurav (Going...to be C.A soon...)     11 May 2016

Kumar Gaurav
Going...to be C.A soon... 
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there is no concept of no. 1 and no. 2 books under cmpny law.

cmpny wil pay hvy taxes on such illegal income

Punith (Article assistant)     11 May 2016

Punith
Article assistant 
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Hi Ajith,

consequences are u will be heavily taxed, interest charged heavily  on tax ,  u wont get deduction for your expenses, AO will assess your income on estimate basis and hopefull you know how they estimate!!!.

AO will make sure that other indirect tax which are applicable for you are scrutinised. You will be in constant visits by department people,

Better you show all at one book and be safe.

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Ajith (Self Employment )     12 May 2016

Ajith
Self Employment  
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Hi Punith,

Thank you for your response. Who is responsible for this act ??? The Board, MD, Employees,etc. Any idea about cases in any court ???

Thank you 

Ajith

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Kumar Gaurav (Going...to be C.A soon...)     13 May 2016

Kumar Gaurav
Going...to be C.A soon... 
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HI

Management is reponsible for maintaining proper books of accounts as per company act.

Management may includes Board of directors/MD/WTD/CFO or any other person incharged for such activities.

 

 


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