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Section 44AA - Maintenance of accounts by persons

Income Tax - Profit and Gains of Business or Profession - 74 - SEC - 44AA: MAINTENANCE OF ACCOUNTS BY PERSONS 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 that may be notified by CBDT in fu .....

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ts 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 profits or gains deemed under Section 44A .....

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