maintenance of books
rama krishnan (12244 Points)
27 May 2018
are all assessees required to maintain books of accounts?
7 Replies
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 27 May 2018
Nope, person doing business and generating an revenue or gross receipts less than 10 lakhs no need to maintain the books of Accounts
rama krishnan
(12244 Points)
Replied 27 May 2018
how you will decide that your gross receipts is less than 1000000/- with out maintaining books
SWARNAMALYA B
(285 Points)
Replied 27 May 2018
There is no requirement to maintain books of accounts.But if u wish u can
rama krishnan
(12244 Points)
Replied 27 May 2018
requirements are different... without books how one would able to ascertain his total income or gross receipts?
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 27 May 2018
Basis on Bank statement transactions
rama krishnan
(12244 Points)
Replied 27 May 2018
bank statements are also part of books only. how will you ascertain cash sales
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 27 May 2018
It means it is the duty of a business men to maintain the proper accounts, If he doesn't, Auditor or Consultant will take the income basis on Bank statement.
He might be dealing the transaction with his client through bank, just in case we can't say it as a books of accounts.
It is kind of Inflow and outflow, in Inflow he might be deposited cash and he might taken loan from third party, but for Income tax they doesn't mind it, basis on overall gross receipts we have to calculate net income.
He might be dealing the transaction with his client through bank, just in case we can't say it as a books of accounts.
It is kind of Inflow and outflow, in Inflow he might be deposited cash and he might taken loan from third party, but for Income tax they doesn't mind it, basis on overall gross receipts we have to calculate net income.
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