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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 Tax purposes. As per Section 44AA, any person carrying on any of the following professions is required to maintain books of accounts:- Legal Medical Engineering Architectural Accountancy Technical Consultancy Interior Decoration Any other profession .....

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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 1,20,000 and the Total Sales/ Turnover/ Gross Receipts is likely to exceed 10,00,000. If the taxpayer is covered under Section 44AD/ Section 44AE/ Section 44AF and the taxpayer has claimed his income of the income tax return to be lower than the profit .....

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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 business is newly set-up - it is not expected to exceed 1,50,000. The books of accounts to be maintained are as follows:- Cash Book Journal (if the Accounts are maintained according to the Mercantile system of Accounting) Ledger Carbon copies of the bills a .....

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