I am an Engineer, and I have filed my income tax return. My annual income is morethan Rs.150000. Sir, I want to know that whether I want to keep my accounts up-to-date?
Dear Prince,
Section 44AA of Income Tax Act and rule 6F of income tax rules deal with the provisions regarding maintenance of books of accounts under Income tax Act.
As per section 44AA(1) read with rule 6F the persons carrying on any of the profession as mentioned below are required to maintain books of accounts and other documents as may enable the assessing officer to compute his total income, if yearly gross receipts of the profession exceeded Rs. 150000.
Provision to Rule 6F (1) provides that if the gross receipts of a profession do not exceed Rs 150000 in any one of the three years immediately preceding the previous year or where the profession has been newly setup in the previous year, his total gross receipts in the profession for that year are not likely to exceed the said amount, then such professional need not to maintain any books of accounts as mentioned in sub rule 2 of rule 6F.
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