31 January 2018
With all due respects to RAJA Sir, I beg to differ substantially.
As per S.44AA, cited below, you are mandatorily required to maintain books of accounts because you are carrying on the medical profession. Further, you are also required to comply additional conditions as specified under Rule 6F. Please go through all of them.
44AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act.
(2) The books of account and other documents referred to in sub-rule (1) [APPLICABLE TO YOU] shall be the following, namely:—
(i) a cash book; (ii) a journal, if the accounts are maintained according to the mercantile system of accounting; (iii) a ledger; (iv) carbon copies of bills, whether machine numbered or otherwise serially numbered, wherever such bills are issued by the person, and carbon copies or counterfoils of machine numbered or otherwise serially numbered receipts issued by him: Provided that nothing in this clause shall apply in relation to sums not exceeding twenty-five rupees; (v) original bills wherever issued to the person and receipts in respect of expenditure incurred by the person or, where such bills and receipts are not issued and the expenditure incurred does not exceed fifty rupees, payment vouchers prepared and signed by the person:
Provided that the requirements as to the preparation and signing of payment vouchers shall not apply in a case where the cash book maintained by the person contains adequate particulars in respect of the expenditure incurred by him.
Furthermore, you are also liable to maintain (i) a daily case register in Form No. 3C; (ii) an inventory under broad heads, as on the first and the last day of the previous year, of the stock of drugs, medicines and other consumable accessories used for the purpose of his profession.
Additionally, if your income is less than the maximum amount not chargeable to tax [2.5 Lakhs], then you CAN NOT avail deductions under chapter VIA [like 80C,80D,80TTA etc.]. Needless to mention that you won't be requiring such deductions if your income is below the maximum amount not chargeable to tax.
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