profit and loss

As per section 44AA, of I T Act........

If a person is carrying on a non-specified profession or any business, income from which business or profession exceeds Rs. 1,20,000 or his total sales/gross receipts from such business or profession exceed Rs. 10,00,000, in any one of the three years immediately preceding the previous year (in case of new business or profession, income/gross receipt of that previous year is likely to exceed above limit), then such person shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income. 

More details refer: Compulsory-Maintenance-of-Books-Limit-Increased

And: /section-44aa/

Most welcome dear.....