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 Books of accounts and financial statements are two different concepts in accounting. A books of account refer to the records maintained by a company or business to keep track of its financial transactions. These include records of all the financial transactions made by the business, such as sales… Read More »