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Maintenance of books of accounts

Ankit (None) (75 Points)

22 August 2016

Hi, please consider this question. A person 'X' started share trading in F.Y 14-15. He suffered total loss of Rs. 6.7 lacs from delivery based trading and intraday trading of stocks in that F.Y. He went to C.A to get his return filed and found that he needs to get his books of accounts audited. Now, this person didnt know about what 'books of accounts are. He had every receipt and detail of transaction he had made though. He gave all the information as asked by C.A and his audit was completed. His return was filed in due time (Form 3CB. Form 3CD etc). Now, the question is when this person asked that how he should maintain books of accounts, the C.A told him that it will only be required if income tax department raises any query. So, this person is little worried as he has no books of accounts with him. What should he do?

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4 Replies

ACA Anurag (Enjoy the little things) (14706 Points)
Replied 22 August 2016

Dear Ankit ,

If your account is audited then its mandatory to have your books of account maintained .

U cant just think ki AO will ask or not. Maintain books of accounts or use our chargeable service for making your books of accounts .

Originally posted by : Ankit

1 Like

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Ankit (None) (75 Points)
Replied 22 August 2016

Originally posted by : ACA Anurag
	Dear Ankit ,If your account is audited then its mandatory to have your books of account maintained .U cant just think ki AO will ask or not. Maintain books of accounts or use our chargeable service for making your books of accounts .Originally posted by : Ankit Hi, please consider this question. A person 'X' started share trading in F.Y 14-15. He suffered total loss of Rs. 6.7 lacs from delivery based trading and intraday trading of stocks in that F.Y. He went to C.A to get his return filed and found that he needs to get his books of accounts audited. Now, this person didnt know about what 'books of accounts are. He had every receipt and detail of transaction he had made though. He gave all the information as asked by C.A and his audit was completed. His return was filed in due time (Form 3CB. Form 3CD etc). Now, the question is when this person asked that how he should maintain books of accounts, the C.A told him that it will only be required if income tax department raises any query. So, this person is little worried as he has no books of accounts with him. What should he do?

Thanks for your reply. But this person has requested his C.A to help him in preparing 'books of accounts'. His C.A are telling him that 'dont worry, it will only be needed if IT dept raises query'. After saying again and again, they refused to help him in preparing his books of accounts. He has given almost 30-45 days and about Rs.26,000 for the audit. Is it viable for him to go through this process again with a different C.A? Would a different C.A would be able to do it as the figures are set in stone by the submitted Form 3CB, Form 3CD?

ACA Anurag (Enjoy the little things) (14706 Points)
Replied 22 August 2016

Dear Ankit,

If a CA has taken 26000 Rupees for Audit then u should say him to prepare books of accounts as its really very important to maintain.

No it would not be correct to pay us also for the same but u can insist your ca to maintain it as whenever it would be required u would be able to show them .

Hope your query has been resolved.

Kindly like is my forum has helped you

Originally posted by : Ankit
	Originally posted by : ACA Anurag Dear Ankit ,If your account is audited then its mandatory to have your books of account maintained .U cant just think ki AO will ask or not. Maintain books of accounts or use our chargeable service for making your books of accounts .Originally posted by : Ankit Hi, please consider this question. A person 'X' started share trading in F.Y 14-15. He suffered total loss of Rs. 6.7 lacs from delivery based trading and intraday trading of stocks in that F.Y. He went to C.A to get his return filed and found that he needs to get his books of accounts audited. Now, this person didnt know about what 'books of accounts are. He had every receipt and detail of transaction he had made though. He gave all the information as asked by C.A and his audit was completed. His return was filed in due time (Form 3CB. Form 3CD etc). Now, the question is when this person asked that how he should maintain books of accounts, the C.A told him that it will only be required if income tax department raises any query. So, this person is little worried as he has no books of accounts with him. What should he do? Thanks for your reply. But this person has requested his C.A to help him in preparing 'books of accounts'. His C.A are telling him that 'dont worry, it will only be needed if IT dept raises query'. After saying again and again, they refused to help him in preparing his books of accounts. He has given almost 30-45 days and about Rs.26,000 for the audit. Is it viable for him to go through this process again with a different C.A? Would a different C.A would be able to do it as the figures are set in stone by the submitted Form 3CB, Form 3CD?

1 Like

Ankit (None) (75 Points)
Replied 22 August 2016

Originally posted by : ACA Anurag
	Dear Ankit, If a CA has taken 26000 Rupees for Audit then u should say him to prepare books of accounts as its really very important to maintain. No it would not be correct to pay us also for the same but u can insist your ca to maintain it as whenever it would be required u would be able to show them . Hope your query has been resolved. Kindly like is my forum has helped you Originally posted by : Ankit Originally posted by : ACA Anurag Dear Ankit ,If your account is audited then its mandatory to have your books of account maintained .U cant just think ki AO will ask or not. Maintain books of accounts or use our chargeable service for making your books of accounts .Originally posted by : Ankit Hi, please consider this question. A person 'X' started share trading in F.Y 14-15. He suffered total loss of Rs. 6.7 lacs from delivery based trading and intraday trading of stocks in that F.Y. He went to C.A to get his return filed and found that he needs to get his books of accounts audited. Now, this person didnt know about what 'books of accounts are. He had every receipt and detail of transaction he had made though. He gave all the information as asked by C.A and his audit was completed. His return was filed in due time (Form 3CB. Form 3CD etc). Now, the question is when this person asked that how he should maintain books of accounts, the C.A told him that it will only be required if income tax department raises any query. So, this person is little worried as he has no books of accounts with him. What should he do? Thanks for your reply. But this person has requested his C.A to help him in preparing 'books of accounts'. His C.A are telling him that 'dont worry, it will only be needed if IT dept raises query'. After saying again and again, they refused to help him in preparing his books of accounts. He has given almost 30-45 days and about Rs.26,000 for the audit. Is it viable for him to go through this process again with a different C.A? Would a different C.A would be able to do it as the figures are set in stone by the submitted Form 3CB, Form 3CD? Thank you a lot for your suggestion.