Does retail trader require to maintain books of accounts under section 44AA if annual turnover is below Rs. 40 lakh for last 3 years and profit margin is >5%?
Regards
CA Yogesh
Does retail trader require to maintain books of accounts under section 44AA if annual turnover is below Rs. 40 lakh for last 3 years and profit margin is >5%?
Regards
CA Yogesh
If your turnover is below 1 crore and your net profit is 8% or more, you need not maintain any books of accounts under income tax law.
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