What books/records must be maintained by such professionals?

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• Which professionals must maintain books of accounts?

  Every person who is in the following professions must maintain the books of accounts compulsorily if his total gross receipts exceed Rs.150000/= in any of the three years immediately preceding the previous year or is likely to exceed Rs.150000/= ...

• Such records should be maintained for how many years as per the I-T Dept.?

  The books of accounts and document for businessmen and professionals should be kept at least for six years from the end of relevant assessment year.

• 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 ...

• As a businessman, what books of accounts should I maintain?

  The I-T Act does not prescribe any specific books of account for business. However, you are expected to maintain your accounts in such a fashion that the net profit of the business can reasonably and easily be arrived at by the department. For ...

• I am a small-time trader. Do I need to maintain books of accounts?

  Any business or profession that has an annual turnover/gross receipts exceeding rupees ten lakh and net profit of rupees one lakh twenty thousand, must maintain such books of account and documents from which its income can be reasonably ascertained ...