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Section 44AA - Maintenance of accounts by persons carrying on business or proffesion

Income Tax - Profit and Gains of Business or Profession - 74 - SEC - 44AA: MAINTENANCE OF ACCOUNTS BY PERSONS CARRYING ON BUSINESS OR PROFFESION Section 44AA prescribes the persons who are mandatorily required to maintain books of Accounts for Income .....

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that may be notified by CBDT in future BOOKS OF ACCOUNTS TO BE MAINTAINED BY PERSONS NOT COVERED ABOVE As per Section 44AA, persons carrying on the professions specified above are mandatorily required to maintain their books of accounts. However, th .....

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Total Sales/ Turnover/ Gross Receipts exceeds 10,00,000 in any of the previous 3 years. If the Business or Profession is newly set-up, it would be required to maintain books of Accounts if the income from business or profession is likely to exceed 1, .....

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s or gains deemed under Section 44AD/ Section 44AE/ Section 44AF respectively. Provided that in the case of a person being an individual or a Hindu undivided family, the books of account is to be maintained only if income from business or profession .....

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n 44AA is mandatorily required to maintain the books of accounts as mentioned below. However, these books are not required to be maintained if the turnover of the business in any of the previous 3 years does not exceed 1,50,000 or in case the busines .....

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nd receipts issued by the person in relation to sum exceeding 25. Original Bills and receipts issued to a person in respect of the expenditure incurred. A person carrying on Medical Profession shall in addition to the books of accounts and other docu .....

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