What Books to be Maintained?
For Specified Professions having Gross Receipts >250000 in any of last 3 years
((In case of new business, where Gross Receipts is likely to exceed 250000 during Current Year)
Specified Books to be maintained like
(a)Cash book
(b)Journal
(c)Ledger
(d) Original bills for expenditure
(e)If expenditure up to Rs 50 then payment vouchers
(f)Sales bills / invoices / receipt issued of amount >Rs 25.
In addition, Doctors have also to maintain
(g)Daily case register (mentioning detail is of patient handled daily) .
(h) Opening and closing stock register of Drugs/Medicines and Other Consumables
FOR OTHER CASES
(Example :-Not a specified profession,Profession having turnover less than 150000 or doing Business)
Books has not been specified
It is mentioned that such books have to be maintained which will
Such books which enable A.O. to Complete Total Income
Important Points
- Books to be maintained at the Principal Place of Business or Profession
- If doing business or profession from more than one premises,can maintain books at different places also
- Books Required to be kept for period of 6 years from end of Assessment Year
For Example
Financial Year 2015-16,Assessment year is 2016-17
End of Assessment Year is 31 March 2017
Records to be maintained till 6 years from 31 March 2017 i,e 31 March 2023
Penalty for Non Maintenance of Books
In case, Books of Accounts not prepared or not maintained for prescribed period, then Penalty of 25000 p.a u/s 271A
