Sunali (Learner) (1317 Points)
02 September 2008As per the Income Tax laws a person is required to maintain account books if his gross receipts/ turnover exceeds a specific amount.
Does he require to be ready with his books all the time during a F.Y. i.e. can IT authorities ask him to show books of account any time during the year or only after he has filed the return for a given year..?
e.g. can he be asked in F.Y. 2008-09 to show his books for the same financial year..?
CA Annie
(Chartered Accountant )
(747 Points)
Replied 03 September 2008
Also The books have to be maintained for 8 years.
Sunali
(Learner)
(1317 Points)
Replied 04 September 2008
thx for the replies...
One more query..
What about the small vendors like karyana shops etc....How should they prepare their accounts as most of the goods involve very nominal amounts..?
CAclubindia
