Kumar Gaurav
(Going...to be C.A soon...)
(1624 Points)
Replied 11 May 2016
Punith
(Article assistant)
(107 Points)
Replied 11 May 2016
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.
Ajith
(Self Employment )
(25 Points)
Replied 12 May 2016
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
Kumar Gaurav
(Going...to be C.A soon...)
(1624 Points)
Replied 13 May 2016
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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