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Specified books of account as per Rule 6F

Specified books of account as per Rule 6F

  • Cash book
    A record of day to day cash receipts and payments which shows cash balance at the end of the day or at best at the end of the each month and not later.
  • A journal according to mercantile system of accounting
    A journal is a log of all day to day transactions. It is a record, in accounting terms, where total credits equal total debits, when we follow the double entry system of accounting ie each debit has a corresponding credit and vice versa.
  • A ledger where all entries flow from the journal, has details of all accounts, this can be used to prepare the financial statements.
  • Photocopied of bills or receipts issued by you which are more than Rs 25
  • Original bills of expenditure incurred by you which are more than Rs 50

Following are the additional requirements in case of a person carrying on medical profession — physicians, surgeons, dentists, pathologists, radiologists, etc.

  • Daily cash register with details of patients, services rendered, fees received and date of receipt
  • Details of stock of drugs, medicines, and other consumables used

These books should be maintained at the Head Office or at each of the offices.

For how long should these books be maintained?

Each year’s books must be kept for a period of 6 years from the end of that year.

Failure to maintain books of accounts

If you fail to maintain books of accounts as prescribed, you may be charged a penalty of Rs 25,000 or in some cases where you may have international transactions and you have failed to maintain information and documents for such transactions – 2% of the value of each international transaction.

It would be diligent to maintain your books of accounts and keep track of all your expense and income in a methodical way.

Specified books of account as per Rule 6F

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