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 maintain books of accounts if their gross receipts exceed ₹1,50,000 in any of the three preceding financial years.
For chemists, if your gross receipts from the sale of medicines and related products exceed ₹1,50,000 in any financial year, you would be requir to maintain books of accounts.
This would involve keeping records of your sales, purchases, expenses, and other financial transactions related to your chemist business.
It’s important to note that the turnover limit and other regulations might have changed since my last update.
So I recommend checking with the latest resources or consulting a tax professional for the most accurate and up-to-date information.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com