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.
1 Replies
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
Recent Topics
- Interest free loans from directors in private limi
- Section 194T
- Paying GST on Residential House Construction
- Gst credit ledger input
- Income Tax Filing after Portal Deadline
- LTCG u/s 54 -Time Period Related
- Clarification -GST registration
- TDS on commercial bus insurance payment
- Do we need Environmental Clearance certificate for
- GST Rate confussion
Related Threads
CAclubindia
