What books of account must be maintained by a person carrying out a business/profession under the I-T Act

What books of account must be maintained by a person carrying out a business/profession under the I-T Act

No particular books of account  have been prescribed by the I-T Department for a person engaged in business or in non-specified profession. However, if certain conditions are satisfied, then such a person is expected to keep and maintain books of account and other documents which would help the Assessing Officer to compute total income in accordance with the provisions of the Act. These conditions are as below:

Particulars

Individual or HUF

Any other assessee

In case of existing business or profession, income or gross turnover in any one of the 3 preceding previous years exceeds the following-

  1. Income from business or profession
  2. Turnover/gross receipts in the business or profession

 

 

 

Rs. 2,50,000

Rs. 25,00,000

 

 

 

Rs. 1,20,000

Rs. 10,00,000

In case of newly setup business or profession, income or gross turnover of the first previous year is likely to exceed the following-

  1.  Income from business or profession
  2. Turnover/gross receipts in the business or profession

 

 

 

Rs. 2,50,000

Rs. 25,00,000

 

 

 

Rs. 1,20,000 

Rs. 10,00,000


















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































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