WebBooks of account and other documents to be kept and maintained under section 44AA(3) by persons carrying on certain professions. ... Provided [***] that where the assessment in relation to any assessment year has been reopened under section 147 of the Act within the period specified in section 149 of the Act, ... WebNov 12, 2024 · Section 44AA (1) prescribes for compulsory maintenance of such books of accounts and other documents which will enable the Assessing Officer to compute his total income in accordance with the provisions of this Act. sub-section (1) applies to the followings- A person carrying on a legal profession. A person carrying on a medical …
Maintenance of Books of Accounts Under Income Tax Act
WebApr 11, 2024 · Section 44AA of the Income Tax Act prescribes the maintenance of books of accounts for various types of businesses and professions. It states that every person … Web—(1) Notwithstanding anything contained in sections 28 to 43C, in the case of an assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent of the total gross receipts of the … polyurethane flammability
How to Comply with Section 44AA of the Income Tax Act by …
WebNov 23, 2009 · defination of professionals under income tax act. Posts / Replies. Showing Replies 1 to 2 of 2 Records. 1 Dated: 24-11-2009 By:- Rama Krishana: Under section 44AA the meaning of professional is, "Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or … WebIncome and Tax Calculator; Deferred Tax Calculator; Tax Calculator; Advance Tax Calculator; TDS Calculator; Tax Calendar; Legal Maxim; Tax Charts & Tables Deductions; … Web2 days ago · 1. Presumptive taxation regime of Section 44AD of the Act. The objective of section 44AD of the Act is to provide a presumptive income scheme for small taxpayers to lower compliance costs for them and to reduce the administrative burden on the tax machinery. In the case of an “eligible assessee” engaged in an “eligible business”, the ... shannon hines great falls