Individual

If you are in the ‘not required to maintain books’ category, still you need to have a basic track of your gross receipts, income or profit, on the profit and loss side, and few assets and liabilities which you need to disclose at year end, such as cash balance,  inventory, how much you owe  others […]

If I follow cash method which I can ,  I record my incomes and expenses as I receive or pay. If I follow accrual method which also I can, I record my incomes and expenses as I earn or incur. But I need to decide for once which of cash or accrual I will use

Hi, I am doing business or profession, I need to keep proper books (proper means the ability to identify and track), record of my incomes/ bills raised by me and my expenses. At end of year I prepare accounts, which means my profit and loss statement  (showing under various categories My incomes and My expenses)and

If I am doing business or in a profession other than specified (see further) Monetary limit : My income is less than 1.2 lac a year, as well as,                              my sales or turnover or receipts are less than Rs. 10 lacs a year When: Both expected in current year  And  being true in each

If I am self-employed, doing any business, small or big, from a kirana store or a sweet shop or vendor, to a big multinational, I fall, rather rise, in the category of business. Similarly, I may have a professional expertise or degree, and doing my own practice or earning from such profession. Like a lawyer,

The objective of this module is to introduce (only introduce) how  the ‘Profits and Gains from Business and  Profession’ scenario works. We will go this session the following way: What is Income from Business and Profession The Books or Records Requirement The Normal business or profession scenario Basis or method of accounting The No Books