Following persons are required to maintain accounts under new DTC2009:
i) Persons whose business income exceeded Rs.2,00,000/- in previous year
ii) Persons 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
iii) Where a person who has started new business his business income is likely to exceed Rs.2,00,000/- in the current financial year, or whose total turnover or gross receipts, as the case may be, in the financial year is likely to exceed Rs.10,00,000/-
iv) 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;
Every person who has entered into an international transaction shall keep and maintain such information and document in respect thereof, as may be prescribed
The books of accounts prescribed to be maintained are:
(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.
The bills or receipts issued to any person shall contain the name, address and such other particulars as may be prescribed.
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.
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.
Person who has entered into an international transaction shall keep and maintain such information and document in respect thereof as the Board may prescribe.
