BUSINESS OR PROFESSION & MANDATORILY KEEP AND MAINTAIN BOOKS OF ACCOUNTS....A LEGAL REQUIREMENTS ONE MUST KNOW
BUSINESS OR PROFESSION AND REQUIREMENTS OF BOOKS OF ACCOUNTS…..A LEGAL OBLIGATION It is called that Accounts is the Mirror of Business……….take it a very small person, who deals with the Pasti or scrape or any person doing small business activity for his livelihood, keeps small accounts in his diary or note book in a very unorganized way…….BECAUSE AT THE END OF DAY…MONTH OR YEAR…HE WANTS TO KNOW WHAT HE HAS EARNED AND WHERE HE IS…….same way….Income Tax department has also framed some rules and regulations to keep and maintain Books of Accounts to workout the exact taxable Income for Taxation purpose. Today we will look at all those provisions which mandatorily impose responsibility for maintenance of Accounts. THRESHHOLD LIMIT OF TURNOVER / INCOME: IF YOU ARE AN INDIVIDUAL OR HUF……..means you are doing Business or Profession under Proprietorship and Proprietor is INDIVIDUAL OR HUF, then You must maintain minimum books of accounts as follows: FOR BUSINESS: I