Maintenance Books of Accounts Under Income Tax , GST & Companies Act Books with invoices, including vouchers and receipts, must be maintained under different statutory laws – Income Tax Act, Companies Act 2013 and GST Act. Books accounts that maintain, retention and claim lists are different according to all 3 laws. According to the Income Tax Act If the sales/turnover / gross income of the company or profession are more than Rs. 25,00,000 or income from business or profession is more than Rs. 2,50,000 in any of 3 recent years, accounting records will be kept in a satisfactory manner. The following Professions are covered by this provision – Legal Medical Engineering Architectural Accountancy Technical Consultancy Interior Decoration Authorised Representative (one who charges fees for representing someone before a tribunal or any authority) Film artist (Producer, Editor, Actor, Director, Music director, Art Director, Dance Di...
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