balance sheet for income above 50 lacs

Hi,

As per income tax you have to file balance sheet when your income crosses 50 lacs.
My question is whether its 50 lacs in revenue or 50 lacs in profits.

I have income from salary 20 lacs nd my expected income from my freelance business is 40 lacs but i have to pay sub brokerage of 15 lacs to third party. Sub brokerage is my cost to earn 40 lacs income. So my profit is 25 lacs. So my total net income is only 45 lacs. So i am confused now. do i need to file balance sheet or not?