Maintenance of books of accounts u/s 44AA of IT Act :
• Every person carrying on
• Legal,
• Medical,
• Engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or
• any other profession as may be notified
| Person carrying on business or profession | Conditions |
| Income | > 1.2L |
| Sales/Receipts/turnover | > 10L in any of 3 PFY |
| Claims profit | Lower than the amount specified u/s 44AE, BB & BBB of IT act |
| Any person | does not opt to pay tax under Sec 44AD and exceeds BEL |
• In case of Individual/HUF 2.5L will be substituted for 1.2L and 25L will be substituted for 10L
Rule 6F or IT rules specifies the list of books to be maintained