Sunil Bafna (45 Points)
14 July 202544AD not applicable for insurance income,hence deductions to be taken as actuals and books to be maintained or not?
Can it be taken as bn income from business or profession?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195623 Points)
Replied 15 July 2025
Books of accounts/accounting records for INDIVIDUALS have to be maintained if the income from business or profession exceeds Rs. 250,000 or turnover/gross receipts exceeds Rs. 25,00,000 in any of the 3 preceding years for an existing profession.
In your case if aggregate income does not exceed 2.50 L no need to maintain books.
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