Person with 40 lac turnover and no books of account

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Sir, A person not firm whose turnover near around Rs 40lac and falling U/S 10(26) which is exempted ,can return be shown in NO BOOKS OF ACCOUNT.

Replies (9)

I guess, business of construction contractor!!

Yes, quite possible, it can be declared under section 44AD, and no books of accounts required upto turnover of 2 Cr., for FY 2016-17.

Thank you sir,

No books required if turnover less than 2 crore

Sir

 when exempted claim 10(26) in ITR in  BP against profit of business.Then whole income comes zero.At the time of printing ITRV Gross Total income & Total income also show NIL.This ITRV indicate that individual has no income but actually his income is exempted.

Fill in the detail in Schedule EI, against Sr. No. 5 ::Others, including exempt income of minor child

mandatory for maintaining books of Accounts 1st total turnover upto 2cr 2nd total professional receipts upto 50L

Sir, Rambhia,

If the income is to be shown in EI Schedule for 10(26) then there no need to fill up NO ACCOUNT CASE, or BOOK of Account. As it is already exempted am i right sir.

Yes, but always better to declare the details, whatever available, though not mandatory.

As the ITR data can be used as official records with other departments.

Books of accounts are required to be miantained under different state Vat laws if it is registered under it.. I am producing chapter 5 of Punjab Vat Act for the reference. 

 

Chapter 5.  Books & Records

  1. Who is obliged to keep Books of Account?

 

  • Every Taxable Person; and
  • Registered Person

 

is obliged to maintain Books of Account and/or records.

 

2          Which books of accounts / records are required to be kept?

 

Broadly, normal records as are maintained for business, in normal course, are required to be kept.  These could be:

 

  • Bank Account(s)
  • Cash Account(s)
  • Journal
  • Purchase Register
  • Sales Register
  • Ledger
  • Stock Records
  • Delivery Records
  • Production Records (for manufacturer)

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