| Question And Answer | |
|---|---|
| Subject: | How many years the books of account and other documents shall be kept and maintained by the persons carrying on certain profession u/s 44A(3) of the Act ? |
| Category: | Income-tax |
| Querist: | anil |
| Answered by: | neelam Jadav |
| Tags: | books of account |
| Date: | May 1, 2021 |
For Income tax assessment For how much period the books of accounts are required to be kept under the Income – Act, 1961?
neelam Jadav Hello how are you
As per Rule 6F of Income Tax Rules, 1962, the Books of account and other documents to be kept and maintained under section 44AA(3) by persons carrying on certain professions such as every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or authorised representative or film artist shall keep and maintain the books of account and other documents should be maintained for a period of 6 years from the end of the relevant year as specified in sub-rule (2) i.e. Cash Book, Journal, Ledgers, Copies of bills or receipts
Daily cash register with details of patients, services rendered, fees received and date of receipt (persons carrying on medical profession), Details of stock of drugs, medicines, and other consumables used (persons carrying on medical profession). If the income isn’t more than Rs.2,50,000 in any of the 3 preceding years or not expected to be more than Rs.2,50,000 in case of a new profession, then also books should be maintained. However, books, in this case, haven’t been specified – so any books can be maintained but it should be such that AO can calculate the income.