Provisions of Section 44AA – Maintenance of Books of accounts
Provisions of Section 44AA – Maintenance of Books of accounts Section 44AA of the Act requires certain persons to maintain books of account. The provisions of this section read with Rule 6F of the Income Tax Rules, 1962 relate to maintenance of books by the assessee as well as prescribe the list of books to be maintained. The provisions of Sec 44AA areas: 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. (2) Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,— (i) if his income from business or profession exceeds one lakh twenty thousand rupees or hi