Yogesh Baburao Panchal (Chief Manager) (35 Points)
24 July 2015Does retail trader require to maintain books of accounts under section 44AA if annual turnover is below Rs. 40 lakh for last 3 years and profit margin is >5%?
Regards
CA Yogesh
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 25 July 2015
If your turnover is below 1 crore and your net profit is 8% or more, you need not maintain any books of accounts under income tax law.
CA Chandra Prakash
(9873059766 Increasing knowledge through sharing)
(296 Points)
Replied 25 July 2015
CAclubindia
