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Showing posts from August, 2017

Books of account and other documents to be kept and maintained under section 44AA(3) by persons carrying on certain professions.

Rule 6F. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or authorised representative or film artist shall keep and maintain the books of account and other documents specified in sub-rule (2): [Provided that nothing in this sub-rule shall apply in relation to any previous year in the case of any person {(except specified profession under section 44AA(1)} if his total gross receipts in the profession do not exceed one lakh twenty thousand rupees  in any one of the three years immediately preceding the previous year, or, where the profession has been newly set up in the previous year, his total gross receipts in the profession for that year are not likely to exceed the said amount.] (2) The books of account and other documents referred to in sub-rule (1) shall be the following, namely:— (i) a cash book; (ii) a journal, if the accounts are main...

Maintenance of Book of Accounts - Section 44AA (Income Tax Act, 1961)

The provisions relating to maintenance of books of account can be classified as follows:  1. Provisions relating to a person engaged in specified profession. (44AA(1)) 2. Provisions relating to a person engaged in non-specified profession. (44AA(2)) 3. Provisions relating to a person engaged in business. (44AA(2)) Section 44AA(1) Every person carrying on : legal,  medical,  engineering or  architectural profession or  the profession of accountancy or  technical consultancy or  interior decoration or  any other profession as is notified by the Board in the Official Gazette  shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act. (Note: Film Artist is also a specified profession by Department) Conclusion:- So, in the case of specified profession there is no limit for turnov...