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2. Books of Account(Only Bank Book)

RITESH KUMAR BHAGAT (Student) (110 Points)

29 November 2020

only bank book is enough for books of account of self employed person, if exceeds basic exemption limit ?

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2 Replies

ayusmita (Tax consultant) (5885 Points)
Replied 29 November 2020

No bank book is not enough
there's saving interest statement
there's fd interest statement
investment details
business details
there's ledger
cash book
stock book
debit credit books and all taken in Account if audit or no audit

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RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 30 November 2020

@ Mr RITESH KUMAR BHAGAT,

Yes...

Bank Book is enough for preparing financial statements if Assessee have his business transactions fully through bank except filing u/s 44AA...