general
kanamarlapudi venkatesh (articles student) (113 Points)
06 July 2018
is swiping bills need to be kept by trader
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 06 July 2018
Section 44AA and Rule 6F of the Income Tax Act prescribe the books of accounts to be maintained by the taxpayers for the purpose of Income Tax.
A Cash book: It is a book of accounts where day to day cash transactions, i.e. cash payments and receipts are recorded.
A journal: A profession should maintain a journal as per the mercantile system of accounting. In this journal, day to day transactions are recorded using double entry system of accounting.
- A ledger should also be maintained by the taxpayers.
- Photocopies of bills or receipts exceeding Rs 25 must also be kept
- Photocopies of bills of expenses exceeding Rs 50 must also be kept
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