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Requirement of books of account
sir . i am receiving salary from partnership 206000 and receive interest on capital 27584 and share of profit 62962 and other income from canteen 210000 . and my receipt from canteen is 1800000 ... whether am i eligible for maintain of accounts under income tax act
Replies (3)
yes, you need to maintain books of accounts
Hello Ankit,
Since your income is more than Rs 2,50,000/- you need to maintain books of accounts.
SINCE BUSINESS INCOME IS EXCEEDING RS. 250000.00, BOOKS OF ACCOUNT HAS TO BE MINTAINED. SALARY FROM FIRM AND INCOME FROM CANTEEN ARE TREATED AS INCOME FROM BUSINESS
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