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When is bookkeeping not required for Audit?

When is bookkeeping not required for Audit?

  • Where the income does not exceed Rs 1,20,000 or total sales, turnover or gross receipts are not more than 10,00,000 in all preceding 3 years — no books of account are required to be maintained. In case of a newly set up profession or business the same rule applies when income is expected to be less than Rs 1,20,000 or sales/turnover/gross receipts are expected to be less than Rs 10,00,000.
  • Where the income is more than Rs 1,20,000 or total sales, turnover or gross receipts are more than 10,00,000 in all preceding 3 years, such profession or businesses must maintain books of accounts and other documents which may enable the Assessing Officer to calculate their taxable income as per the Income Tax Act. No specific records are prescribed. In case of a newly set up profession or business the same rule applies when income is expected to be more than Rs 1,20,000 or sales/turnover/gross receipts are expected to be more than Rs 10,00,000.
  • For Professions and Businesses covered under section 44AD and 44AE
    Businesses covered under section 44AD and 44AE are not required to maintain any books of accounts. However taxpayers who claim that their income from business is lower than the presumed income calculated under section 44AD and 44AE must maintain books of accounts which may enable the Assessing Officer to calculate their taxable income as per the Income Tax Act. No specific records are prescribed.

When is bookkeeping not required for Audit?

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