is notified proffrssionals have to keep books of ac if the income exceeds above 150000 in any 3 years preceeding?or is it like, they dont have to keep books if in any one of these years the income is
below the limit
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sec 44AA
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Rule 6F: Books of Account to be maintained:
Every person carrying on Legal, Medical, Engineering or Architectural Profession or Profession of Accountancy or Interior Decoration or Film Artist or Authorized Representative if his Gross Receipts exceeds Rs.1,50,000 in all the three years immediately preceding the previous year or
Where the profession has been newly set up in the previous year his gross receipts are likely to exceed Rs.1,50,000 in that year.
BOOKS TO BE MAINTAINED
The following books of accounts and documents are required to be maintained:-
- Cash book;
- Journal;
- Ledger;
- Carbon copies of the bills and receipts issued by the person in relation to sums exceeding Rs.25;
- Original bills and receipts issued to the person in respect of the expenditure incurred.
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