The Income Tax Act specifies the books of accounts that must be kept for the purpose of income taxation. These are outlined in Section 44AA and Rule 6F.
Books of accounts/accounting records must be kept if the gross earnings for an established profession exceed Rs. 1,50,000 in the three prior years. This also applies to a newly established profession with gross earnings projected to exceed Rs. 1,50,000.
Rule 6F specifies the accounting records that must be preserved. The following professions must keep books of accounts/accounting records:
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