Question

Business houses have no need to prepare proper records of accounts?​

Answer 1

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When you are freelancing, running a business, or maintaining your personal finances, it is always prudent to keep a record of your expenses and income. This will aid in filing your taxes. Also, maintaining account details will be good for you to know the profitability, manage expenses, and plan your next business moves.

The Income Tax Act does lay down a set of guidelines where it defines specifically whether books of accounts are required to be maintained and what are those books of accounts