RAJ KUMAR (FINANCE MANAGER) (1393 Points)
01 February 2011HELLO FRIENDS, IF A PERSON IS NOT A RETAILER BUT HE DOES NOT MAINTAIN BOOKS OF ACCOUNTS BUT HE WANTS TO SHOW HIS INCOME MORE THAN RS. 1,20,000 THE MAX. LIMIT SPECIFIED UNDER NO BOOKS OF ACCOUNTS CASE.
NOW PLS. TELL ME WHAT CAN I DO CAN IS HOW BUSINESS INCOME LESS THAN RS. 120000 AND BALANCE TO BE SHOWN AS INCOME FROM OTHER SOURCES. OR THERE IS SOME OTHER ALTERNATIVE.
PLS. HELP ME.
Pankaj Arora
(Learner)
(3134 Points)
Replied 01 February 2011
No more alternative except you can show income from other sources. You can show show Rs.1,20,000 if your turnover did not crossed to audit limit.
Dheeraj
(Learner)
(1100 Points)
Replied 01 February 2011
the max. limit is 160000/-, for not maintaining books of accounts (for last 3 yrs.)
CAclubindia
