Yes, there is a threshold limit of bookkeeping for printing services in India. Under the Income Tax Act, 1961, a business is required to maintain books of account if its turnover exceeds Rs. 20 lakhs in any financial year. This includes printing services businesses.
However, there are some exceptions to this rule. For example, a printing services business that is registered as a partnership firm and has a turnover of less than Rs. 20 lakhs is not required to maintain books of account.
The books of account that a printing services business is required to maintain include:
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A cash book
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A journal
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A ledger
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A trial balance
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A profit and loss account
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A balance sheet
The books of account must be maintained in accordance with the generally accepted accounting principles (GAAP). They must be preserved for a period of six years from the end of the financial year to which they relate.
Failure to maintain books of account or to maintain them in accordance with the GAAP can result in penalties imposed by the Income Tax Department.
To visit: https://www.incometax.gov.in
For further details access our website: https://vibrantfinserv.com