When and what documents are required to be maintained as books of account for general commission agents ?
In ITR 3 is it necessary to fill the complete balance sheet?
4 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 04 January 2020
As per section 44AA of the Income Tax act 1961 , Business income exceeds 250000/- or turnover exceeds 25,00,000/- has to maintain Books of Accounts .
Is your income exceeds as per above given conditions ?.
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 05 January 2020
Then you have to maintain Books of Accounts ,Like your Commission Income ,Expense , Assets ,liabilities etc . Its better to give all information in ITR3
Akshy
(student)
(67 Points)
Replied 05 January 2020
Sir what are the books that need to be maintained?
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