It is mandatory to maintain books of accounts in the following cases:
In the case of income from business or profession, a book of accounts must be compulsorily maintained if the income exceeds Rs.2,50,000 during the current year
In case of a new business or profession, if the income is expected to exceed Rs 2,50,000 or the total sales or turnover or gross receipts are expected to exceed Rs 25,00,000.
If the assesse is covered under section 44AD or section 44AE or section 44ADA and has claimed his income lower than the profits or gains deemed under section 44AD or section 44AE or section 44ADA respectively in the Income Tax Return.
The limit of Rs. 150,000 has been increased to Rs. 250,000 from FY 2017-18 (AY 2018-19).
Photo copies of bills of expenditure of more than Rs 50 in value incurred must be kept
A ledger
Cash book having day to day cash transactions.
Journal
Record of all cash receipts and payments which show cash balance in hand at the end of the day or at the end of each month (not exceeding a month).
Photo copies of bills or receipts of more than Rs 25 in value issued must be kept
Details of inventory of drugs, medicines, and other consumables used as on the first and last day of the previous year.
Daily cash register in Form No.3C with details of patients, services rendered, fees received and date of receipt.
