Income Tax Law makes a mandatory requirement for businesses and professionals to maintain books of accounts. A person carrying on a given below profession would be required to maintain the book of accounts if his or her gross receipts are more than Rs.1,50,000 in the previous three years.
Businesses or Professions other than specified above:
It is mandatory to maintain books of accounts in the following cases:
Note: The limit of Rs. 150,000 has been increased to Rs. 250,000 from FY 2017-18 (AY 2018-19).
Specified books of account to be maintained as per Rule 6F:
For those who are carry on medical profession should also (for e.g. physicians, surgeons, dentists, pathologists, radiologists, etc.) maintain additional books along with the books mentioned above. Such as:
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