Maintenance of accounts by certain persons carrying on profession or business
37 [Maintenance of accounts by certain persons carrying on profession or business.
38 44AA. (1) 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 is notified 39 by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may enable the 40 [Assessing] Officer to compute his total income in accordance with the provisions of this Act.
(2) Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,—
( i) if his income from business or profession exceeds 41[forty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds 42[five hundred] thousand rupees in any one of the three years immediately preceding the previous year; or
( ii) where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed 43[forty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed 44[five hundred] thousand rupees, during such previous year,
keep and maintain such books of account and other documents as may enable the 45 [Assessing] Officer to compute his total income in accordance with the provisions of this Act.
(3) The Board may, having regard to the nature of the business or profession carried on by any class of persons, prescribe 46, by rules, the books of account and other documents (including inventories, wherever necessary) to be kept and maintained under sub-section (1) or sub-section (2), the particulars to be contained therein and the form and the manner in which and the place at which they shall be kept and maintained.
(4) Without prejudice to the provisions of sub-section (3), the Board any prescribe, by rules, the period for which the books of account and other documents to be kept and maintained under sub-section (1) or sub-section (2) shall be retained.]