F&O losses

For all omdividuals carrying businesses and professions, books of accounts must be maintained if:

• Their income exceeds ₹250,000 OR their total sales, turnover, or gross receipts exceed ₹25,00,000 in any of the three years immediately preceding the previous year.

• For a newly set-up business or profession, if the expected income or gross receipts are likely to exceed these limits during the previous year.