Maintenance of books of accounts

This discussion clarifies the rules for maintaining books of accounts for businesses in India. If your turnover exceeds ₹25 lakhs or your profit exceeds ₹2.5 lakhs, you are generally required to maintain detailed accounts, even if you initially considered an 'No Account Case'. For a fish farming business with a turnover of ₹7 lakhs and a profit of ₹3 lakhs, maintaining books of accounts and filing ITR-3 is necessary, potentially requiring a P&L statement and balance sheet.