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of <h1>Direct Taxes Code, 2010 Clause 87: Professionals and businesses must maintain detailed books for income assessment.</h1> Clause 87 of the Direct Taxes Code, 2010, mandates that individuals maintain specific books of account and documents to enable the Assessing Officer to compute total income. Those involved in international transactions must keep prescribed information and documents. This applies to professionals like legal, medical, engineering, and others notified by the Board, and businesses with income or turnover exceeding specified thresholds. Required records include cash books, journals, ledgers, inventory registers, and bills or receipts above a certain value. The Board can prescribe additional documentation requirements, including retention periods, based on business nature.
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