- If I am doing business or in a profession other than specified (see further)
Monetary limit : My income is less than 1.2 lac a year,
as well as,
my sales or turnover or receipts are less than Rs. 10 lacs a year
When: Both expected in current year
And
being true in each of last 3 years
Then: I need not maintain books of accounts, as long as I meet this condition
- If I am doing specified profession,
Specified being : Doctors, lawyers, accountants, Engineering, Architects, and few more notified such as authorized representatives, film artists, company secretaries and IT
Monetary limit : My income as well as my receipts are less than 1.5 lacs a year,
When: Both expected in current year
And
being true in each of last 3 years
Then: I need not maintain books of accounts, as long as I meet this condition
Otherwise, I need to maintain books of accounts or records, we are not going into a discussion of which books here.