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Books maintenance law 44ab

Sandeep Sharma (Accounts executive) (552 Points)

02 January 2024

Does a business, having 50 lac turnover required to maintain books as he is covered under gst threshold limit of 40 lac or only file gst returns?

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4 Replies

Amit Kumar (Tax Professional ) (112 Points)
Replied 02 January 2024

The business is required to maintain and keep books for at least 6 years from the due date of filing annual return if required to take registration under GST law.

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Sharath chandra (Accountant) (1227 Points)
Replied 02 January 2024

Must keep books of accounts.

under income tax act you are not required to keep books of accounts if opting for 44ad. presumptive taxation.

but as per 44aa books of accounts is to be maintained if turnover is above 10 lakhs in any of the 3 preceding years or gross income is above 1.2 lakhs.

but as per gst every registered person has to maintain books of accounts for 6 years.