Maintenance of books of account
(1)
(a)
Any person carrying on specified profession; or (b) any person carrying on, business; or any profession [not being a profession referred to in clause (a)] and satisfying the conditions referred to in sub-section (2); or (c) any other person carrying on profession notified by the Board in this behalf, shall keep and maintain such books of account and other documents to enable the Assessing Officer to compute his total income under this Act.
(2)
The conditions in respect of persons referred to in sub-section (1)(b) shall be the following:–– (a) where the income from business or profession exceeds one lakh and twenty thousand rupees or its total sales, turnover or gross receipts from such business or profession exceeds ten lakh rupees in any one of the three years immediately preceding the tax year; or (b) where business or profession is newly set up in the tax year, the income from business or profession is likely to exceed one lakh and twenty thousand rupees or its total sales, turnover or gross receipts from such business or profession is likely to exceed ten lakh rupees during such tax year; or (c) where during the tax year, the assessee, other than the assessee referred to in section 61(2) (Table: Sl. No. 6), has claimed income from business or profession to be lower than the deemed profits as referred to in section 58(2) or section 61(2); or (d) in case of an individual or Hindu undivided family, clauses (a) and (b) shall be modified to the extent of income from such business or profession exceeding two lakh and fifty thousand rupees and its total sales, turnover or gross receipts from such business or profession exceeding two lakh and fifty thousand rupees.