Section 44AA - Maintenance of accounts by persons carrying on business or profession

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....4AA, persons carrying on the professions specified above are mandatorily required to maintain their books of accounts. However, the persons who are not covered in the list of professions specified under Section 44AA which are mentioned above are mandatorily required to maintain their books of accounts only if:- I. In case of a person (other than individual or HUF) * If the Income from Business or Profession exceeds 1,20,000 or the Total Sales/ Turnover/ Gross Receipts exceeds 10,00,000 in any of the previous 3 years. * If the Business or Profession is newly set-up, it would be required to maintain books of Accounts if the income from business or profession is likely to exceed 1,20,000 and the Total Sales/ Turnover/ Gross Receipts is li....

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.... the person in relation to sum exceeding 25. * Original Bills and receipts issued to a person in respect of the expenditure incurred by the person, or where such bills and receipt are not issued, payment vouchers prepared and signed by the person, provided the amount does not exceed ₹50 where the cash book contains adequate particulars, the preparation and signing of payment voucher is not required. * In case of a person carrying on medical profession * A person carrying on Medical Profession shall in addition to the books of accounts and other documents specified above shall also maintain the following:- * A daily case register in Form 3C * Inventory Book (under Broad heads) as on the first and last day of the previous yea....