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What documents should be maintained by the taxpayers to comply with the requirement of maintenance of books of accounts as per Section 44AA?

The following documents should be maintained by the taxpayers to comply with the requirement of maintenance of books of accounts:

Nature of Business or Profession Threshold Limits Books of Accounts to be maintained
Specified Professions other than company secretary and Information technology Gross receipt exceeds Rs. 1,50,000 in any of 3 years immediately preceding the previous year 1. Cash-book

2. Journal, if books of accounts are maintained according to mercantile system of accounting

3. Ledgers

4. Carbon copies of bills and carbon copies or counterfoil of receipts issued by the assessee of value exceeding Rs. 25 (must be machine numbered or serially numbered)

5. Original bills issued to the assessee and receipts in respect of the expenditures incurred by him

6. Signed vouchers, if bills and receipts are not issued and amount of expenditure does not exceed Rs. 50, if cash book does not contain adequate particulars in respect of these expenditures

Medical Professions Gross receipt exceeds Rs. 1,50,000 in any of 3 years immediately preceding the previous year 1. As specified above for specified professions

2. Daily case register in Form 3C

3. Inventory under broad heads of stock of drugs, medicines and other consumable accessories used for the purpose of profession, as on the first and last day of previous year

Specified Professions In every case irrespective of gross receipts and Income Such books of accounts which may enable the Assessing Officer to compute the taxable income
Non-Specified Professions Income and turnover does not exceed the threshold limit as specified above Not required to maintain books of accounts
Business Income and turnover does not exceed the threshold limit as specified above Not required to maintain books of accounts
Non-Specified Professions Income and turnover exceed the threshold limit as specified above Such books of accounts which may enable the Assessing Officer to compute the taxable income.
Business Income and turnover exceed the threshold limit as specified above Such books of accounts which may enable the Assessing Officer to compute the taxable income.

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