Maintenance of books of accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 September 2012
In case a person is running 3 proprietorship firms of houskeeping, tours & travels & caters. Total reciepts from all three is Rs 14.50 Lacs. He is showing a combined net profit of Rs 3.80 Lacs. Is he required to maintain books of accounts for AY 2012-13?
05 September 2012
Yes, his total income exceeds the minnimum exemption limit under the Income Tax Act.
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