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Failure to maintain books of accounts

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(Querist)
19 July 2012 Dear sir
An individual Proprietorship concern having turnover below 6000000 in the AY-2012-13 . Is it compulsory maintains books of account or not. If yes he is failure to maintain books of accounts how much penalty and interest, others amount he should be paid?
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CS ANAND RAVADA

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CS ANAND RAVADA (Expert)
19 July 2012 not required to maintain. In the case of offered lesser profit, books are required to maintain and audited.
2.penalty does not arise
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Ramesha.M

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Ramesha.M (Querist)
19 July 2012 Sir

Thank you very much
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