V. -MAINTENANCE OF ACCOUNTS AND OTHER RELATED MATTERS
Maintenance of accounts.
87. (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 15 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, namely:—
(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;
(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) 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 account 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) copies of serially numbered bills issued by the person, if the value of the bill exceeds two hundred rupees;
(f) copies or counterfoils of serially numbered receipts issued by the person, if 40 the value of the bill exceeds two hundred rupees;
(g) original bills or receipts issued to the person in respect of expenditure incurred by him, if the amount of the expenditure exceeds two hundred rupees;
(h) payment vouchers prepared and signed by the person in respect of expenditure not exceeding two hundred 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 account and documents to be kept and maintained;
(b) the particulars to be contained in the books of account and documents; and
(c) the form and the manner in, and the place at, which the books of account and other documents shall be kept and maintained.
(7) The Board may prescribe the period for which the books of account and other documents required to be kept and maintained under this section shall be retained. Maintenance of accout.
(8) The expression "international transaction" referred to in sub-section (2) shall have the meaning assigned ot it in clause (17) of section 124.
