Following records must be maintained by professionals:- Cash Book Journal if the accounts are maintained as per mercantile system Ledger Carbon copy of bills or receipts where sum exceeds Rs.25/=. All receipts/ bills must be serial numbered. All ...
No particular books of account have been prescribed by the I-T Department for a person engaged in business or in non-specified profession. However, if certain conditions are satisfied, then such a person is expected to keep and maintain books of ...
There are several reasons why you could be notified by the Income Tax Dept. It could be an intimation of assessment of your returns. You could have a balance due. You have not submitted the required documents/proofs. You are eligible for a larger or ...
You may not be aware of any outstanding tax liabilities for the previous years, while filing tax returns for the current year. If you have previous tax liabilities, the I-T Dept. will adjust them with any refunds arising in the current year, and will ...
If the new property is sold within three years from the date of acquisition the, for calculating the capital gains, the cost of acquisition of this new property will be reduced by the amount of capital gain on which the exemption was claimed earlier. ...