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.
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
The other part covers person who are required to maintain books of accounts once they cross the specified threshold.
Income from House Property
Income from Other Sources
Return of income
Due dates for filing tax returns