I am a small-time trader. Do I need to maintain books of accounts?

• Related Articles

• I am unable to issue bills for every transaction made, due to the nature of my business. How can I maintain proper books of accounts?

  You are expected to maintain bill books mandatorily by the I-T Dept. However, if you are a small-time trader with your annual turnover less than Rs.40 lakh, then you are permitted to declare your income on presumption at 5% of your actual sales. {U/s ...

• Which professionals must maintain books of accounts?

  Every person who is in the following professions must maintain the books of accounts compulsorily if his total gross receipts exceed Rs.150000/= in any of the three years immediately preceding the previous year or is likely to exceed Rs.150000/= ...

• For a person adopting the presumptive taxation scheme of section 44AE, is there a need to maintain books of account as per section 44AA?

  No. Any person adopting PTS of 44AE does not need to maintain books of accounts as per 44AA.

• As a businessman, what books of accounts should I maintain?

  The I-T Act does not prescribe any specific books of account for business. However, you are expected to maintain your accounts in such a fashion that the net profit of the business can reasonably and easily be arrived at by the department. For ...

• If I adopt the presumptive taxation scheme of section 44AD, then am I required to maintain books of account as per section 44AA?

  No. There is no requirement to maintain books of account as per section 44AA in this case.