If an assessee is earning income on commission basis from LIC, Post Office etc, which books of account he is required to maintain u/s 44AA..?
Pls Advise
2 Replies
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 14 February 2010
He needs to maintain the books of accounts relating to his income like commission account, expenses and other ledgers, and all the general ledgers that are involved in his accounts. In other words all accounts except the purchase register, sales register and stock records as these are not applicable to such type of business.
Shikha Bajaj
(CA )
(433 Points)
Replied 15 February 2010
In addition to what Amol Sir has said, he can maintain his books of account on cash basis rather than accrual basis.
Thnx
Shikha
Recent Topics
- Upload of qualified audit report on MCA portal
- Form 26QB on multiple installment
- Is Offering Group Health Insurance Worth It for Sm
- Export of services documents
- AOC4 & CFS,STANDALONE separately
- Gratuity Trust for IT company
- Rule 86B on utilisation of ITC
- GST Notice U/S46
- Download of list of eWay bill of inward supply
- GST Registration & ITC Eligibility
Related Threads
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
