TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Manuals
of of All Manuals
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income-Tax Act: No Specific Books Required, But Record-Keeping Mandatory for Income Over Rs. 2.5L or Turnover Rs. 25L.</h1> The Income-tax Act does not mandate specific books of account for businesses or non-specified professions. However, individuals or entities must maintain records to allow the Assessing Officer to determine total income if their income or turnover exceeds certain thresholds. For existing businesses, these thresholds are Rs. 2,50,000 for income and Rs. 25,00,000 for turnover. For newly established businesses, similar thresholds apply. Companies must adhere to the Companies Act and accounting standards set by the Institute of Chartered Accountants of India. Professionals in specified fields must maintain prescribed records if their annual receipts exceed Rs. 1,50,000.
TaxTMI 
TaxTMI 
