Turnover Limit to maintain Books of Account

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This discussion clarifies the mandatory requirement to maintain books of account. Generally, if your business turnover exceeds Rs. 25,00,000 or your income is over Rs. 2,50,000 in any of the three preceding years, you must keep detailed accounts. However, if you opt for presumptive taxation under Section 44AD, these specific book-keeping requirements do not apply.

Deepak Rawat

Deepak Rawat (Querist)

17 September 2020 Dear Sir/Mam,
please guide.
What is turnover limit to mandatory maintain books of account ?

I tried to find on google also but didn't get any positive answer.

Thanking you in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 September 2020 If the sale/turnover/gross receipts from the business or profession is more than Rs. 25,00,000 or the income from business or profession is more than Rs. 2,50,000 in any of the 3 preceding years, then books of accounts will be compulsorily maintained.

Deepak Rawat

Deepak Rawat (Querist)

17 September 2020 Thank You Sir.
Is this also required, if we are filling ITR as per 44AD ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 September 2020 Not required in case 44AD opted.

Deepak Rawat

Deepak Rawat (Querist)

17 September 2020 Thank U So Much Sir... You always help us...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 September 2020 You are welcome.......