https://www.taxtmi.com/article/detailed?id=1136 Compulsory maintenance of books arises when statutory monetary thresholds are exceeded by specified professionals or other persons carrying on business or profession, with exemptions where receipts do not exceed the threshold in any one of the three preceding years or for newly set up concerns whose receipts are not likely to exceed the threshold. Presumptive taxpayers are generally exempt unless they declare income below deemed profits and exceed the basic exemption, in which case maintenance is required. Specified books and electronic records must be kept and preserved for a minimum statutory period, and failure attracts a monetary penalty. en-us Tue, 15 Feb 2011 23:21:07 +0530 Tue, 15 Feb 2011 23:21:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1136 Compulsory maintenance of books arises when statutory monetary thresholds are exceeded by specified professionals or other persons carrying on business or profession, with exemptions where receipts do not exceed the threshold in any one of the three preceding years or for newly set up concerns whose receipts are not likely to exceed the threshold. Presumptive taxpayers are generally exempt unless they declare income below deemed profits and exceed the basic exemption, in which case maintenance is required. Specified books and electronic records must be kept and preserved for a minimum statutory period, and failure attracts a monetary penalty. Articles Income Tax Tue, 15 Feb 2011 23:21:07 +0530 https://www.taxtmi.com/article/detailed?id=1136