when an assesses should maintain books of accounts compulsorily?
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Answer:
under income-tax act, if the income from business is more than 2,50,000 in any of the 3 preceding year, then books of account will be compulsorily maintained.
An assesses should maintain books of accounts compulsorily on the following conditions:
According to the Income Tax Act, when the income of the business is greater than Rs. 2,50,000 in any of the three preceding years and when the sales or turnover of the business is greater than Rs. 25,00,000 then assesses should compulsorily maintain books of accounts. The professions and the business which include the provision are accountancy, medical, engineering, representative, interior decoration, all the film artists like the cameraman, director, lyricist and company secretary.
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