01 July 2010
You need not have to maintain books of acoounts.but if you falls under Tax Audit provisions, you are required to maintain Books of accounts
02 July 2010
Maintenance of Books of accounts by other Persons covered u/s 44AA (2): In relation to any other persons engaged in any other profession or carrying on any business other than section 44AA (1), the requirement of compulsory maintenance of books of accounts applies if- either the income from business or profession exceeds Rs 120000 or the turnover or gross receipts exceed Rs 10 Lakhs in any one of the three years immediately preceding the previous year.
02 July 2010
As per section 44AA(1) read with rule 6F the persons carrying on any of the profession as mentioned below are required to maintain books of accounts and other documents as may enable the assessing officer to compute his total income, if yearly gross receipts of the profession exceeded Rs 150000. 1) Legal 2)Medical 3)architectural 4)engineering 5)accountancy 6)technical consultancy 7)interior decoration 8)authorized representative 9)film artist 10)any other profession as is notified by the board
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