Maintenance of accounts and other documents are compulsory as per Income Tax Act, 1961 when every person who is carrying on business or profession whose income from business or profession exceeds ₹............ or total s

CS Executive · Tax Laws and Practice · PYQS · December 2021
Maintenance of accounts and other documents are compulsory as per Income Tax Act, 1961 when every person who is carrying on business or profession whose income from business or profession exceeds ₹............ or total sales, turnover or gross receipts exceeds ₹............ in any one of the three immediately preceding previous year.
(A) ₹2,50,000 and ₹25,00,000
(B) ₹2,50,000 and ₹50,00,000
(C) ₹5,00,000 and ₹25,00,000
(D) ₹5,00,000 and ₹50,00,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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