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WHAT IS BOOKS OF ACCOUNTS AND ACCOUNTING?

Section 44AA and Rule 6F of Income tax act 1961 deals with Books of accounts maintain by business or profession. The books are not mandatorily required to maintain in case of every single business rather there are certain criteria which must be seen before deciding whether to keep and maintain books or not.

WHO IS REQUIRED TO MAINTAIN BOOKS OF ACCOUNTS?

Any business/profession is compulsory required to maintain books of accounts if income from business or profession exceeds Rs. 1,50,000 or total sales, gross receipts or turnover exceeds Rs. 10,00,000 in any one of the three previous years. This limit also applies to newly business or profession.

List of professions that required to maintain books of accounts/accounting:

Accountancy

Technical consultancy

Interior decoration

Legal

Medical

Engineering

Architectural

Authorized representative

Film artist

Company secretary

Rule 6F specified the list of books of account to be maintained:
  •  Cash Book
  • Journal (If Mercantile system of accounting is followed)
  •  Photocopy of bills or receipts.
  • Ledger.
  • Original bills of expenditure.
 
* In case of Medical Profession: There are additional books of accounts to be maintained:
  • Daily Cash Register as per Rule 3C.
  • Details of stock of drugs, medicines, and other consumables used.

WHERE TO PLACE BOOKS OF ACCOUNTS?

     The Books of Accounts and other documents shall be kept and maintained by the person at the place where he is carrying on the profession.
    In case, profession is carried on at more than 1 place – the books should be maintained at the principal place of business.
    Books of accounts of each year must be kept for a period of 6 years from the end of that year.

BOOK KEEPING AND ACCOUNTING PACKAGE

EXPECTED

Turnover Upto Rs. 10 Lakh

Rs. 999/-  

per month (All Inclusive

  • Cash book
  • Ledgers
  • Journals
  • Bank Ledger
  • Balance Sheet and Profit Loss statement.

EXPECTED 

Turnover Upto Rs. 50 Lakh
Rs. 3999/- 

(All Inclusive)

  • Cash book
  • Ledgers
  • Journals
  • Bank Ledger
  • Balance Sheet and Profit Loss statement.

EXPECTED

Turnover Upto Rs. 1 crore
Rs. 7,999/- 

(All Inclusive)

  • Cash book
  • Ledgers
  • Journals
  • Bank Ledger
  • Balance Sheet and Profit Loss statement.

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