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Is it compulsory to maintain books of accounts?

Only the persons who are engaged in carrying on a business or profession and satisify some conditions are required to maintain books of accounts. So a person who is not engaged in any business and derives his income from salary etc is not required to maintain any books of accounts.
As far as the persons engaged in business or profession is concerned, they can be classfied in two parts.

First are the professionals who are required to maintain books of accounts if they are engaged in specified professions like legal, medical or accountancy, technical consultancy, interior decorator etc are concerned they are required to maintain the books of accoounts without any further conditions as to the total income or quantum of gross receipts.

In addition to the above professional certain other professional have also been notified who are required to maintain books of accounts. These are
1. Authorised representatives
2. Film artists (actors, cameraman, director, dance directors, editor, singer, lyricist, screen writers, dialogue wirter, dress designed etc.
3. Company Secretary
4. Profession of Information Technology i.e. people carrying on the business of sfotware and hardware service.

The other part covers person who are required to maintain books of accounts once they cross the specified threshold.
These covers:
1. If the income of the person from the business or profession is more than 1.20 lacs or his total sales or professional receipts are are more than 10 lacs. in any of the last three years.
2. In case of newly started business if the exepcted income or receipts are expected to exceed the above limits.

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Wealth Tax

TDS

PAN

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Assessment

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