Bookkeeping for Real Estate
Yes, there is a threshold limit of bookkeeping for real estate agents and managers-rentals in India.
As per the Income Tax Act, 1961, all businesses with a turnover of more than INR 20 lakhs are required to maintain regular books of accounts and records.
This includes real estate agents and managers who receive rental income of more than INR 20 lakhs in a financial year.
For more information visit this site: https://www.mca.gov.in/
The books of accounts must be maintained in accordance with the Generally Accepted Accounting Principles.
(GAAP) and must be able to provide a true and fair view of the business transactions. The records must be kept for a minimum period of six years.
Failure to maintain proper books of accounts can result in penalties and prosecution under the Income Tax Act.
For further details access our website: https://vibrantfinserv.com
