Income tax
This query is : Resolved
21 November 2014
We are doing automobile business, turnover crossed. Whether we should follow accounts book or not.
22 November 2014
1. If you have exceeded the limit provided in Section 44AB, then you have to maintain books of accounts.
2. However, if you are an individual or a partnership firm and your turnover does not exceed Rs. 1 crore then you need not maintain books of accounts PROVIDED you show a minimum income of 8% of the turnover.
2. However, if you are an individual or a partnership firm and your turnover does not exceed Rs. 1 crore then you need not maintain books of accounts PROVIDED you show a minimum income of 8% of the turnover.
22 November 2014
if your turnover exceeds rs. 100 lacas then you have to maintain the books of accounts and take the audit report from accountant u/s 44AB.
01 December 2014
1. the ans is yes.......................
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Refund of AY 22-23
- TDR receipts for agreement holder
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Company Incorporation - CA and directors signing from different states
- Confusion around Form 26QB fields
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
