|Originally posted by : CA Ashwani Agarwal|
Very nice article. But 1 thing which i would like to add on is that you cannot run away from making Books of Accounts just because it is expensive. A person makes books not only for the purpose of income tax but for various other reasons. Otherwise how will you be able to know te value of debtors, creditors, stock, cash balance etc. So please dont think of declaring 8% profit only because it is less expensive. You will still have to maintain books of accounts.
for above said things and also now a days small bussiness running on od / cc etc. from banks and finance co. they ask for profit & loss, balance sheet, debtor creditors list and so many things for running a good business one should maintain books of account however he is opting for 44ad.