A person has income from sole proprietor business (milk dairy), in the range of 3 lac to 3.5 lakh. The business has turnover of less than 30 lakh and doesnot maintain books of accounts. Is the firm liable to maintain proper accounts? I have also heard about a provision that if a firm has turnover under 40 lakh, profit can simply be taken as 5% of turnover. Please explain??
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Books of account
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thanks, neha
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