Comparison of Section 62 "Maintenance of books of account" between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

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....intain books and what the Board may prescribe. Effective date or decision date: Not stated in the document. Background & Scope Statutory hooks: Clause 62 of the Income Tax Bill, 2025 (Old Version) is placed under the heading "Profits and gains of business or profession" and addresses maintenance of books of account. The clause sets out who shall keep books (sub-section (1)), the conditions under which persons carrying on business or professions must maintain books (sub-section (2)), the Board's power to prescribe particulars and retention periods (sub-section (3)), and the definition of "specified profession" (sub-section (4)). Definitions: "specified profession" is defined by example (legal, medical, engineering, architectural, accou....

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....ower both in sub-section (1)(c) and in the definition of specified professions indicates an intent to retain flexibility to capture additional professions by administrative action. Exceptions/Provisos Carve-outs and modifications: Clause 62(2)(c) excludes certain assessees (specifically, "the assessee, other than the assessee referred to in section 61(2) (Table: Sl. No. 6)") from the requirement when they claim income lower than deemed profits - effectively a condition that triggers record-keeping where claimed profits are lower than deemed profits. Clause 62(2)(d) modifies threshold amounts for individuals and Hindu undivided families lowering or changing the monetary triggers. No other provisos or exemptions are provided in the clause. ....

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....ll (Old Version) Clause 62(1)(c) expressly includes "any other person carrying on profession notified by the Board in this behalf." The Section 62 (final/updated) omits this separate sub-clause (c) but retains in sub-section (4)(b) that the Board may notify "any other profession." * Practical impact: The Bill's explicit sub-clause (1)(c) created an express standalone category of persons required to maintain books by Board notification; the later Section collapses such notification power into the definition of "specified profession." This narrows the textual placement of Board's notification power but substantively preserves the Board's ability to notify additional professions. Administrative clarity may be affected (different ....

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....to in section 58(2) or 61(2) (Table: Sl. Nos. 4 and 5)." * Practical impact: The updated Section changes which cross-referenced assessees are caught by this provision (different table/serial numbers) - this may broaden or narrow the category, depending on the contents of those referenced rows. The Bill attempt to carve out a specific exception; the updated text rearranges the references. Exact practical effect requires consulting the referenced tables (Not stated in the document). Practical Implications * Compliance and risk areas: Taxpayers falling under the enumerated categories (specified professions, notified professions, businesses meeting income/turnover thresholds) must ensure maintenance of books sufficient for computation of t....