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TMI BlogSection 44AA - Maintenance of accounts by persons carrying on business or professionX X X X Extracts X X X X X X X X Extracts X X X X ..... the professions specified above are mandatorily required to maintain their books of accounts. However, the persons who are not covered in the list of professions specified under Section 44AA which are mentioned above are mandatorily required to maintain their books of accounts only if:- I. In case of a person (other than individual or HUF) If the Income from Business or Profession exceeds 1,20,000 or the Total Sales/ Turnover/ Gross Receipts exceeds 10,00,000 in any of the previous 3 years. If the Business or Profession is newly set-up, it would be required to maintain books of Accounts if the income from business or profession is likely to exceed 1,20,000 and the Total Sales/ Turnover/ Gross Receipts is likely to exceed 10,00,000. If the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... receipts issued to a person in respect of the expenditure incurred by the person, or where such bills and receipt are not issued, payment vouchers prepared and signed by the person, provided the amount does not exceed ₹50 where the cash book contains adequate particulars, the preparation and signing of payment voucher is not required. In case of a person carrying on medical profession A person carrying on Medical Profession shall in addition to the books of accounts and other documents specified above shall also maintain the following:- A daily case register in Form 3C Inventory Book (under Broad heads) as on the first and last day of the previous year of the stock of drugs, medicines and other consumable accessories used for the purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DA , 44AE , 44BB or 44BBB . Such taxpayers must maintain their book of accounts. This will enable the Assessing Officer to calculate their accurate taxable income under the Income Tax Act. However, specific records have not been prescribed. If income is less than ₹ 1,20,000/- or the total sales/gross receipts or turnover do not exceed ₹ 10,00,000/- in the preceding 3 years: Businesses and professions that fall into this category do not have to maintain books of accounts. For newly established businesses or professions with income less than ₹ 1,20,000 total sales/gross receipts or turnover not more than ₹ 10,00,000/- in the preceding 3 years: Books of accounts need not be maintained for such businesses or professions. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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