According to Section 44AA(2)(i) of the Income-tax Act, 1961, a person carrying on business must maintain books of account if income from business or profession exceeds:
Explanation & Strategy
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Under Section 44AA(2)(i) of the Income Tax Act, a person carrying on business (not profession) must maintain books of accounts if their income exceeds Rs.1,20,000 OR their total sales/turnover/gross receipts exceed Rs.10,00,000 in any of the three preceding years. The income threshold is Rs.1,20,000.