If you are in the ‘not required to maintain books’ category, still you need to have a basic track of your gross receipts, income or profit, on the profit and loss side, and few assets and liabilities which you need to disclose at year end, such as cash balance, inventory, how much you owe others (creditors) and others owe you (debtors). Take care, you need to have and disclose profit levels at minimum level 8% else you go in the high category (of audit)
The small businessman or professional and percentage leeway
There is a way for small businessmen and now even professionals.
I am a small businessman means my annual turnover or sales is upto Rs. 1 crore.