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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2010 In my business it is impossible to issue bills for every transaction. How can I be expected to maintain proper accounts?

CA Sanat Pyne

CA Sanat Pyne (Expert)
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28 September 2010 There can be no excuse for not maintaining the bill books. However, if you are a smalltime retail trader with your annual turnover less than Rs.40 lakh, then you are permitted to declare your income on presumption at 5% of your actual sales. [U/s 44AF]. In that event no books of account need be maintained.