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of <h1>Clause 62 requires certain professions and businesses to maintain books based on income and turnover tests; Board to prescribe form.</h1> Clause 62 mandates maintenance of books by specified professions, businesses and notified professions, using income and turnover bright-line tests and delegated Board powers to prescribe form and retention. The principal changes from the Bill to the Act are: relocation of the Board's notification power into the definition of 'specified profession' (textual but not substantive change); correction of an apparent drafting error converting an individual/HUF turnover threshold from Rs.250,000 in the Bill to Rs.25,00,000 in the Act (substantively loosening obligations for small taxpayers); and altered cross-references to other sections affecting carve-outs where deemed profits apply. Practical compliance depends on subsequent Board rules.
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