According to the Income Tax Act, 1961, bookkeeping for fashion designers it is not mandatory of account if their turnover does not exceed 1,20,000 in any of the three preceding years. However, it is still advisable for fashion designers to maintain books of account even if they are not required to do so by law.
Here are some of the benefits of maintaining books of account for fashion designers:
- It can help to track income and expenses, which can be useful for budgeting and financial planning.
- It can help to identify any potential tax deductions or exemptions.
- It can provide a record of transactions, which can be helpful in case of disputes or audits.
- It can help to improve the financial management of the business.
Even if fashion designers are not required to maintain books of account, they should still keep some basic records, such as invoices, receipts, and bank statements.
These records can be helpful in case of any financial problems or disputes.
Here are some tips for fashion designers who are maintaining books of account:
- Keep accurate and up-to-date records.
- Use a system that is easy to understand and use.
- Reconcile accounts regularly.
- Keep backup copies of records.
- Store records in a secure location.
To visit: https://www.mca.gov.in/
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