section 44AA

As Rice Manufacturer or (say Rice Mill) is not a retailer in the sense of Section 44AF, he has to maintain books of accounts.

However, in case of a newly set up business provisions of Section 44AA2(ii) are applicable and the assessee is required to maintain the books of account where either the turnover exceeds Rs 10.00 lac or income from business or profession exceeds Rs 120000/ -.

Subject to the business income in case( iii) , the assessee may not required to maintain the Books of Account in iii. In case i & ii he should maintain the Books of Account.