Dear Friends
If a person having consultancy income then it is necessary to make P/L Account and Balance sheet. His income is 3 Lacs Per annum.
Pls reply me about this.
Devendra
(Chartered Accountant)
(4775 Points)
Replied 20 April 2011
1) YES YOU WILL HAVE TO SHOW A PROFIR AND LOSS A/C AND A BALANCE SHEET.
2) WHEN THE INCOME EXCEEDS RS. 120000 P.A, THE ASSESSEE HAS TO MAINTAIN BOOKS OF ACCOUNTS. IN YOUR CASE, THE INCOME IS RS. 300000, THUS YOU WILL HAVE TO NEED TO SHOW A BALANCE SHEET AS WELL AS PROFIT AND LOSS A/C.
REGARDS,
DEVENDRA K
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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