Maintenance of books of accounts

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Sr. Project Accountant
40 Points Posted on 28 October 2020
If any individual businessman gets a turnover of ₹ 7,00,000 and earns a net profit of ₹ 3,00,000 and opts for 'NO ACCOUNT CASE' in ITR -3, will there be any defection in ITR ?
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On 28 October 2020 at 15:11 Report
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This discussion clarifies the rules for maintaining books of accounts for businesses in India. If your turnover exceeds ₹25 lakhs or your profit exceeds ₹2.5 lakhs, you are generally required to maintain detailed accounts, even if you initially considered an 'No Account Case'. For a fish farming business with a turnover of ₹7 lakhs and a profit of ₹3 lakhs, maintaining books of accounts and filing ITR-3 is necessary, potentially requiring a P&L statement and balance sheet.

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Accountant
3662 Points Posted on 28 October 2020
Yes......

Income above BEL
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On 28 October 2020 at 15:21
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Sr. Project Accountant
40 Points Posted on 28 October 2020
But, the turnover is below BEL...
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On 28 October 2020 at 15:23
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Tax consultant
5895 Points Posted on 28 October 2020
Why to fill ITR3 any reason???
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On 28 October 2020 at 15:43
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Sr. Project Accountant
40 Points Posted on 28 October 2020
Due to PGBP
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On 28 October 2020 at 15:46
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Accountant
3662 Points Posted on 28 October 2020
You can not select No Account Case
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On 28 October 2020 at 16:04
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Tax consultant
5895 Points Posted on 28 October 2020
How no Account case comes when you're turnover is 700000 and profit is 300000
make me clear it
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On 28 October 2020 at 16:11
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3924 Points Posted on 28 October 2020
As per.the section 44AA of the.Income Tax act 1961 ,If your profit exceeds 2,50,000/- or turnover exceeds 25lacs , you have to maintain books of accounts .
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On 28 October 2020 at 16:22
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Accountant
3662 Points Posted on 28 October 2020
Agree with Mr Prasad
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On 28 October 2020 at 16:26
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Sr. Project Accountant
40 Points Posted on 28 October 2020
Ayusmita ma'am....
The person does not maintain books of accounts, so what to do in this case ?
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On 28 October 2020 at 17:16
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Tax consultant
5895 Points Posted on 28 October 2020
In this case he should have to maintain the books of account
you can make it instead by taking the the details
and make the financial statement
profit and loss
and balance sheet and then file the itr 3
in my opinion
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On 28 October 2020 at 17:22
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Profession
28261 Points Posted on 28 October 2020
Ayusmita



ITR 3 DEPENDS ON THE FOLLOWING ASPECTS


1.income from business or profession
2.partner in a partnership firm
3. Individual director in a company.
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On 28 October 2020 at 17:43
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Sr. Project Accountant
40 Points Posted on 28 October 2020
Ayusmita ma'am.....
Then pls suggest me which books to be maintained in this case.
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On 28 October 2020 at 17:59
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Tax consultant
5895 Points Posted on 28 October 2020
You tell me what is your client doing
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On 28 October 2020 at 18:12
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Sr. Project Accountant
40 Points Posted on 28 October 2020
Fish farming business
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On 28 October 2020 at 18:14

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