3. Do I need to maintain books of accounts? When can I file return under no books of accounts or presumptive income?
If you are engaged in a specified profession(specified in Q4), then you need to maintain the books of accounts if your gross receipts exceeds Rs. 1,50,000 in all the three years immediately preceding the previous year or if you are going to start a new business then gross receipts is likely to exceed Rs.1,50,000.