1. If the Sales from your Business/Profession is more than Rs. 25 Lakhs or Income from Business/Profession is more than Rs. 2.5 Lakhs in any of 3 preceding years, then Books of Accounts will be compulsory maintained
2. Following Professions are also mandatorily required to maintain Books of Accounts if their Income more than Rs. 2.5 lakhs in any of preceding 3 years.
3. If the taxpayer is covered under Section 44AE/Section 44BB/Section 44BBB/Section 44AD and the taxpayer has claimed his Income lower than profits deemed under Section 44AE/Section 44BB/Section 44BBB/Section 44AD then maintenance Books of Accounts is compulsory.
Rule 6F: Books of Accounts to be maintained
The following books of accounts and other documents are required to be maintained:-
1. Cash Book
2. Journal (If books accounts are maintained according to mercantile system of accounting).
4. Carbon copies of Bills, whether machine numbered or otherwise serial numbered, wherever such bills are issued by the person, and carbon copies or counterfoils of machine numbered or otherwise serial numbered receipts issued by him. However, this requirement will not apply in relation to sums not exceeding Rs. 25,000
5. Original Bills wherever issued to the person and receipts in respect of expenditure incurred by the person or where the bills and receipts are not issued and the expenditure incurred does not exceed Rs. 50, the Payment Vouchers prepared and made by the person shall be kept. However, the requirements as to preparation and signing of the 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.
6. A person carrying on Medical Profession shall in addition to books of accounts mentioned above shall maintained:-
Period of Maintenance of Books of Accounts
All the books of Accounts specified above shall be kept and maintained for a period of 6 years from the end of the relevant assessment year.