Maintenance of accounts by certain persons carrying on profession or business

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....ss or profession [not being a profession referred to in sub-section (1)] shall,- (i) if his income from business or profession exceeds ^3[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds ^4[ten lakh] rupees in any one of the three years immediately preceding the previous year; or (ii) where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed ^5[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed ^6[ten lakh] rupees, ^7[during such previous year; or ....

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....es, wherever necessary) to be kept and maintained under sub-section (1) or sub-section (2), the particulars to be contained therein and the form and the manner in which and the place at which they shall be kept and maintained. (4) Without prejudice to the provisions of sub-section (3), the Board may prescribe, by rules, the period for which the books of account and other documents to be kept and maintained under sub-section (1) or sub-section (2) shall be retained.]     ***************** NOTES:- 1.  Inserted vide Section 11 of the Taxation Laws (Amendment) Act, 1975 w.e.f. 01-04-1976 2.  Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 bef....