*Loan,banking and credit>>>income tax

I want to know, for filing the income tax do we need to prepare books of accounts and get them audited?

For the business assessee who is likely to received the gross receipt of RS 125000 pa need to maintain the Books of accounts.

A salary person or small firm having t/o less than Rs 125000 does not require to maintain books of accounts.

The audit limit for filing of return is Rs 40 lacs for business and Rs 10 lacs for professionals in India.

Accounting is now very easy to maintain and u can learn the same easily. By installing an accounting software u your self may maintain your books of accounts.
I am of the opinion that all income person must maintain books of accounts not only for income tax purpose only but have more benefits in long run. If u can not afford an accountant pls learn the same.
I have tought accounting to some Doctors in Delhi and now they are very good in their books of accounts and may maintain their day to day affairs and on the basis of their books I arrange their returns or pay advance tax easily.

No, I don't think so. all u need is a pay receipt thats it. well I'm not pretty sure but its not into my knowledge that one is required to maintain its books of records. ( if you are a normal citizen but if you are a business man and run any sorta business then for sure you need to maintain books of records where you will enter your debits and credits as well as your income i.e. receipts received upon your sales and services)

Better confirm it from the tax department.
i may suggest that the things you should do is to have an accountant, because he/she knows everything in that field.
No! This is no necessary to maintain the books of account in order to filling the return of income tax. If u are a businessman of any trade then only u need to maintain the books of accounts . Because books are maintained to know the profit and tax are accounted on profit and returns are filed.

If u are employee , then no need to maintain the books.
of course u have to maintain books of accounts. Hire a accountant to prepare your books in the prescribed form, prepare balance sheet to show profit/loss, etc etc. if u r in business. if in service no books ask your company accountant to hep u to file the return
If your Turnover Is more than 40Lack Than You are required to maintain Proper Books of Accounts & audited Them.
If you are a salaried individual no books are needed, but bank passbook and major expense receipts should be preserved for future reference.

For self Employed persons the normal books of accounts have to be maintained.

For any type business statuary books are to be maintained and a tax audit is required if T.O. is over 50 lakhs.

For Pvt Ltd Co. as above and filing plus other registers and filing annual returns with ROC also.