Tag Archives: #BooksOfAccounts

What is the turnover limit for books of accounts?

Turnover Limit for Books of Accounts In India, The turnover limit for books of accounts as a chemist determined by the provisions of the Income Tax Act, 1961. According to Section 44AA of the Income Tax Act, individuals engaged in professions such as accountancy, medical, legal, technical consultancy, interior decoration, and others required to… Read More »

What is the difference between books of Accounts and Financial Statements?

Books of Accounts and Financial Statements Introduction In the world of finance and accounting, two terms frequently arise: Books of Accounts and Financial Statements. Both are essential for businesses, yet they serve different purposes and have distinct characteristics. Understanding the difference between these two is crucial for business owners, accountants, and stakeholders alike. 1.… Read More »