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Compulsory maintenance of books of accounts

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(Querist)
11 March 2014 If an assessee is doing intraday share trading as business, then whether he should maintain books of accounts if his income from intraday share trading is less than Rs.1,20,000/= to show his intra day share trading income as business income.

His Turnover (Profit + Loss) is Rs.80,000/=

8% of the Turnover is Rs.6,400/=

In my context, an assessee's income is Rs.6,400/= Is it correct?

kindly assist me
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
19 March 2014 The assessee can avail benefit u/s 44AD and show profit @ 8% of the turnover.
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