(2)Every person carrying on business or profession [not being a profession referred to in sub-section (1) shall,-(i)if his income from business or profession exceeds ][one lakh twenty thousand] [ Substituted by Act 21 of 1998, Section 20, for certain words (w.e.f. 1.4.1999).] [rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds ] [Inserted by Act 41 of 1975, Section 11 (w.e.f. 1.4.1976).][ten lakh] [ Substituted by Act 21 of 1998, Section 20, for certain words (w.e.f. 1.4.1999).] [rupees in any one of the three years immediately preceding the previous year; or [Inserted by Act 41 of 1975, Section 11 (w.e.f. 1.4.1976).](ii)where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed ] [one lakh twenty thousand] [ Substituted by Act 21 of 1998, Section 20, for certain words (w.e.f. 1.4.1999).][rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed ] [Inserted by Act 41 of 1975, Section 11 (w.e.f. 1.4.1976).] [ten lakh] [ Substituted by Act 21 of 1998, Section 20, for certain words (w.e.f. 1.4.1999).][rupees, ] [Inserted by Act 41 of 1975, Section 11 (w.e.f. 1.4.1976).][during such previous year; or [Substituted by Act 26 of 1997, Section 10, for certain words (w.e.f. 1.4.1998).](iii)where the profits and gains from the business are deemed to be the profits and gains of the assessee under ][section 44-AE] [ Substituted by Act 33 of 2009, Section 18, for " section 44-AD or section 44-AE or section 44-AF" (w.e.f. 1.4.2011).] [or section 44-BB or section 44-BBB] [ Inserted by Act 32 of 2003, Section 22 (w.e.f. 1.4.2004).][, as the case may be, and the assessee has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, during such ] [Substituted by Act 26 of 1997, Section 10, for certain words (w.e.f. 1.4.1998).][previous year; or] [ Substituted by Act 33 of 2009, Section 18, for " previsous year" (w.e.f. 1.4.2011).](iv)[ where the profits and gains from the business are deemed to be the profits and gains of the assessee under section 44-AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax during such previous year,] [ Inserted by Act 33 of 2009, Section 18 (w.e.f. 1.4.2011).][keep and maintain such books of account and other documents as may enable the ] [Inserted by Act 41 of 1975, Section 11 (w.e.f. 1.4.1976).][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][to compute his total income in accordance with the provisions of this Act.
