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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Professionals and businesses must keep books and records when income or turnover exceed specified thresholds under tax rules</h1> Persons carrying on listed professions or businesses must maintain books and documents sufficient for the tax authority to compute total income where prescribed thresholds or conditions are met. Conditions include business/professional income exceeding Rs.120,000 or turnover over Rs.1,000,000 in any of the three preceding years, likelihood of exceeding those limits for newly established businesses, or claiming income below prescribed deemed-profit amounts; for individuals and Hindu undivided families the income and turnover thresholds are higher (Rs.250,000 and Rs.2,500,000). The tax board may specify which records, their contents, form, place of maintenance and retention period. Specified professions include legal, medical, engineering, architecture, accountancy, technical consultancy, interior decoration, IT and company secretarial services, and others as notified.
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