Section 44AA PERSONS REQUIRED TO MAINTAIN BOOKS OF ACCOUNTS

Section 44AA PERSONS REQUIRED TO MAINTAIN BOOKS OF ACCOUNTS: Section 44aa of income tax act: Maintenance of accounts by certain persons carr

CA Deepak Gupta

Aug 5, 2016

Last update on Aug 5, 2016

Section 44AA PERSONS REQUIRED TO MAINTAIN BOOKS OF ACCOUNTS: Section 44aa of income tax act:Maintenance of accounts by certain persons carrying on profession or Business 44aa(1) Every person carrying on the Legal, Medical, Engineering,Accountancy, Technical consultancy, Architectural, Interior Decoration or any otherprofession asnotified by CENTRAL BOARD OFDIRECT TAXES (CBDT) arerequiredto maintain suchbooks of accounts & otherdocumentsas may enable the Assessing Officer to compute Assesseestotalincome in accordance with provisions of this act. (2) Following are the persons who are required to maintainbooks of accounts:- (i) Person carrying on business or profession if his total income exceeds Rs.1,50,000 or his total Turnover or Gross Receipts in the business or profession exceeds Rs.25,00,000 in any of the 3 years immediately preceding the previous year. (ii) Where the business is newly set-up, if his total income is likely to exceed Rs.1,50,000 or his total Turnover, Gross Receipts likely to exceed Rs.25,00,000. (iii) where the profits and gains from the business are deemed to be the profits and gains of the assessee u/s 44AE or 44BB or 44BBB and assessee has claimed his income to be lower than the profits and gains so deemed to be the profits and gains of his business.

Section 44AA PERSONS REQUIRED TO MAINTAIN BOOKS OF ACCOUNTS Rule 6F: Books of Account to be maintained: The category of the person mentioned above under section 44aa is mandatorily required to maintain the books of accounts. BOOKS TO BE MAINTAINED The following books of accounts and documents are required to be maintained:- - Cash book; - Journal; - Ledger; - Carbon copies of the bills and receipts issued by the person in relation to sums exceeding Rs.25000; - Original bills and receipts issued to the person in respect of the expenditure incurred. PERIOD FOR WHICH THE BOOKS & OTHER DOCUMENTS TO BE MAINTAINED The above books of accounts and other documents shall be kept and maintained for a minimum period of 6 years from the end of relevant assessment year. If an assessment in relation to any assessment year has been reopened u/s 147 all the books of accounts and other documents shall continue to be kept and maintained till the assessment so reopened has been completed. PLACE WHERE BOOKS TO BE MAINTAINED The books and documents shall be kept and maintained at the place where the person is carrying on the profession or where there is more than one place at the principal place of business. SECTION 44AAPERSONS REQUIRED TO MAINTAIN BOOKS OF ACCOUNTS, SECTION 44AA, MAINTAINANCE OF BOOKS OF ACCOUNTS AS PER SECTION 44AA,

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CA Deepak Gupta

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CA Deepak Gupta,is Co-founder of Studycafe. He is Microsoft Office Specialist and Corporate Trainer of AI Tools, Microsoft Excel. He is Finance Influencer having more than 250K followers on Social Media. CA Deepak Gupta, is Having more than 14 plus years of experience, and he has Worked with best brands Like, Hero, Wipro, Ericsson before Starting Studycafe. He has Trained more than 20000 Persons in Microsoft Excel, PowerPoint, Power BI, Google Sheet, Google Forms and Other Tools.