Ramakrishna (student) (88 Points)
27 February 2013
An assessee has a turnover of more than Rs.2 crore.
should the assesse maintain books of accounts compulsorily??
What if he fails to maintain books of accounts??Penalty??or anything else??
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 27 February 2013
as per section 44AB of the I-T act, if the turnover of the assessee carrying on business exceeds Rs 1cr then he mandatorily required under the act to gets his books of accounts audited from a CA and file his return on or before 30th Sept of each A.Y. thus it is mandatory for the assessee to maintain the books of accounts as the turnover is Rs 2crore.
if he does not maintains books of accounts then he liable for penalty and the AO may pass a Best Judgement asst and calculate his tax liability
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