Section 62 — Maintenance of Books of Account | ITA 2025

Section 62 — MAINTENANCE OF BOOKS OF ACCOUNT

Section 62 is the substantive equivalent of 1961 s. 44AA. It mandates books-of-account for: (i) specified profession (irrespective of receipts); (ii) other business / non-specified profession on threshold tests of income / turnover. 'Specified profession' is defined in sub-section (4) and tracks Rule-prescribed list (legal / medical / engineering / architectural / accountancy / technical-consultancy / interior-decoration / film-artist / authorised-representative / company-secretary, etc.).

Statutory text — Income-tax Act, 2025

Marginal note — Maintenance of books of account

(1)(a) Any person carrying on specified profession; or

(b) any person carrying on, business; or any profession [not being a profes- sion referred to in clause (a)] and satisfying the conditions referred to in sub-section (2), shall keep and maintain such books of account and other documents to enable the Assessing Officer to compute his total income under this Act.

(2) The conditions in respect of persons referred to in sub-section (1)(b) shall be the following:—

(a) where the income from business or profession exceeds ` 120000 or its total sales, turnover or gross receipts from such business or profession exceeds ten lakh rupees in any one of the three years immediately preced- ing the tax year; or

(b) where business or profession is newly set up in the tax year, the income from business or profession is likely to exceed ` 120000 or its total sales, turnover or gross receipts from such business or profession is likely to exceed ten lakh rupees during such tax year; or

(c) where during the tax year, the assessee referred to in section 58(2) or 61(2) (Table: Sl. Nos. 4 and 5), has claimed income from business or profession to be lower than the deemed profits as referred to in section 58(2) or section 61(2); or

(d) in case of an individual or Hindu undivided family, clauses (a) and (b) shall be modified to the extent of income from such business or profession exceeding ` 250000 and its total sales, turnover or gross receipts from such business or profession exceeding twenty-five lakh rupees.

(3) For the purposes of this section, the Board may prescribe—

(a) the books of account and other documents (including inventories, wher- ever necessary) to be kept and maintained;

(b) particulars to be contained therein;

(c) the form, manner and place at which they shall be kept and maintained; and

(d) the period for which such books of account and other documents are to be retained.

(4) For the purposes of this section, the expression “specified profession” means—

(a) legal, medical, engineering, architectural, accountancy, technical consul- tancy, interior decoration, information technology or company secretary; or

(b) any other profession, as may be notified by the Board in this behalf. Tax audit.

Corresponding provision — 1961 regime

INCOME-TAX ACT, 2025	INCOME-TAX ACT, 1961
INCOME-TAX ACT, 2025 — s. 62	INCOME-TAX ACT, 1961 — s. 44AA
Specified profession — books always required	1961 s. 44AA(1)
Other business / non-specified profession — threshold-based	1961 s. 44AA(2)
Specified-profession threshold (₹ 1.5 lakh / ₹ 10 lakh-by-rules)	Same per Income-tax Rules, 2026
Books, document retention period — 8 years	1961 Rule 6F(5)

STATUTORY ARCHITECTURE

Sub-section (1)(a) — every person carrying on specified profession must maintain books per Rules. Sub-section (1)(b) — every person carrying on business or non-specified profession must maintain books if income / turnover thresholds met (₹ 1.20 lakh income or ₹ 10 lakh turnover for individuals/HUF; ₹ 2.50 lakh / ₹ 25 lakh for others — per Income-tax Rules, 2026). Sub-section (2) — empowers CBDT to prescribe books, retention, format. Sub-section (3) — books shall be kept for 8 years from end of relevant tax year (search/scrutiny readiness). Sub-section (4) — definition of 'specified profession' tracks Rule-prescribed list.

PLANNING NOTES

(i) For CA / lawyer / doctor / architect / interior-designer / film-artist clients, advise on Rule 6F-equivalent format — cash book / journal / ledger / bills-issued register / bills-received register / receipts-and-payments. (ii) Digital records permitted; ensure backup. (iii) For business clients near threshold, evaluate s. 58 presumptive (s. 62 / 63 carve-out) annually — significant compliance saving. (iv) 8-year retention — note interplay with s. 281 / search / re-assessment provisions; some practitioners retain longer.

CROSS-REFERENCES

Section 58 — Presumptive (books-and-audit relief).
Section 63 — Tax audit (linked to s. 62 books).
Income-tax Rules, 2026 — Rule equivalent of 6F (specified profession books).
Section 477 / 481 — Penalty for non-maintenance.

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