Maintenance of books of account requires certain professionals and businesses to keep records enabling computation of taxable income. Section 62 requires maintenance of books of account by persons in specified professions and by other businesses or professions when statutory threshold or ... Summary
Maintenance of books of account requires certain professionals and businesses to keep records enabling computation of taxable income.
Section 62 requires maintenance of books of account by persons in specified professions and by other businesses or professions when statutory threshold or situational conditions are met, enabling computation of total income; the Board may prescribe the specific books, particulars, form, place and retention period, and "specified profession" is defined to include several listed professions and others as notified.
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