https://www.taxtmi.com/forum/issue?id=120293 A small trading business with annual turnover of about Rs. 20 lakhs raised a query on whether Rule 6F of the Income-tax Rules applies to business income and how books should be maintained. The response states that maintenance of books of account is mandatory under the Income-tax Act and identifies the basic records to be kept, including cash, purchase and sales registers, invoices, debtor and creditor records, asset and liability records, vouchers for expenses and income, and proof of payments and receipts. en-us Sat, 26 Jul 2025 13:46:31 +0530 Sat, 09 May 2026 18:28:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=120293 A small trading business with annual turnover of about Rs. 20 lakhs raised a query on whether Rule 6F of the Income-tax Rules applies to business income and how books should be maintained. The response states that maintenance of books of account is mandatory under the Income-tax Act and identifies the basic records to be kept, including cash, purchase and sales registers, invoices, debtor and creditor records, asset and liability records, vouchers for expenses and income, and proof of payments and receipts. Discussion-Forum Income Tax Sat, 26 Jul 2025 13:46:31 +0530 https://www.taxtmi.com/forum/issue?id=120293