Is it mandatory to prepare Books of accounts?

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  1. Ankit444

    Ankit444 New Member

    hi, please consider this question. a person `x` started share trading in f.y 14-15. he suffered total loss of rs. 6.7 lacs from delivery based trading and intraday trading of stocks in that f.y. He went to c.a to get his return filed and found that he needs to get his books of accounts audited. Now, this person didn't know about what `books of accounts are. He had every receipt and detail of transaction he had made though. He gave all the information as asked by c.a and his audit was completed. His return was filed in due time (form 3cb. form 3cd etc). Now, the question is when this person asked that how he should maintain books of accounts, the c.a told him that it will only be required if income tax department raises any query. so, this person is little worried as he has no books of accounts with him. What should he do?
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    Preparation of Books of Accounts is not a very difficult task.

    You can either do it yourself or tell your CA to do it.
     
  3. V K Khanna

    V K Khanna Active Member

    Preparation of books of accounts is mandatory in this case, as he will not be allowed to carry forward the business losses.
     
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