I. - Maintenance of accounts and other related matters
Maintenance of accounts
83. (1) Every person shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Code.
(2) Every person who has entered into an international transaction shall keep and maintain such information and document in respect thereof, as may be prescribed.
(3) The person referred to in sub-section (1) shall be the following:-
(a) any person carrying on legal, medical, engineering, architectural profession or profession of accountancy, technical consultancy, interior decoration or any other profession as is notified by the Board in the Official Gazette;
(b) any other person carrying on business, if,-
(i) his income from the business exceeds two lakh rupees;
(ii) his total turnover or gross receipts, as the case may be, in the business exceeds ten lakh rupees in any one of the three financial years immediately preceding the relevant financial year; or
(iii) in a case where the business is newly set up in any financial year, his income from the business is likely to exceed two lakh rupees or his total turnover or gross receipts, as the case may be, in the business is likely to exceed ten lakh rupees, during such financial year.
(4) The books of accounts referred to in sub-section (1) shall be the following, namely,-
(a) a cash book;
(b) a journal, if the accounts are maintained according to the mercantile system of accounting;
(c) a ledger;
(d) register of daily inventory of business trading asset;
(e) carbon copies of serially numbered bills issued by the person, if the value of the bill exceeds fifty rupees;
(f) carbon copies or counterfoils of serially numbered receipts issued by the person, if the value of the bill exceeds fifty rupees;
(g) original bills or receipts issued to the person in respect of expenditure incurred by him, if the amount of the expenditure exceeds fifty rupees;
(h) payment vouchers prepared and signed by the person in respect of expenditure not exceeding fifty rupees, if there are no bills or receipts for such expenditure.
(5) The bills or receipts issued to any person shall contain the name, address and such other particulars as may be prescribed.
(6) The Board may, having regard to the nature of the business carried on by any class of persons, prescribe-
(a) any other books of accounts and documents to be kept and maintained;
(b) the particulars to be contained in the books of accounts and documents;and
(c) the form and the manner in, and the place at, which the books of accounts and other documents shall be kept and maintained.
(7) The Board may prescribe the period for which the books of account and other documents to be kept and maintained under this section shall be retained.
