i am from a village in bihar my mom and dad is uneducated but they have jewellary of aprox 20 lacs and interest income of rs.180000 p.a.some found from ancestors and some purchased by them but they dont have bills because these were purchased from local shops.my dad also dont maintain any books of account.he is also operating a kirana shop since 1982 having daily sales aprox rs.30000 a day. but he doesn’t maintain any bank account in the name of shop.our all daily expenses are met from this shop.
now i want to maintain the books of my shop in form of proprietor business and account all the gold and cash balances in the balance sheet of dad and fie the return of income every year.
now my questions–
a.how will i prove that my gold was earlier years without having the bills if income tax department says that this is of currrent year
b.how should i maintain the books of shop and account our day to day expenses of the family and jewellary and balances in the book.
c.is it necessary to open the bank account in the name of my shop because we daily purchase products for sale from whole seller and pay daily to them.so how can i maintain bank account.