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Section 44AA
Section 44AA gives details of who all are required to maintain books of accounts for the purpose of income tax.
Businesses and professions are required to maintain the books of accounts for income tax purpose. The detailed requirements of different transactions are prescribed under section 44AA.
Who is Required to Maintain Books of Account?
The books of accounts have to be maintained by professions when their gross receipts have exceeded INR 1,20,000 for an existing profession in the last 3 preceding years. The same rule also applies to a new start-up profession whose gross receipts are anticipated to be exceeding INR 1,20,000.
• Legal
• Architectural
• Accountancy
• Medical
• Engineering
• Technical consultancy
• Interior decoration
• Authorized representative: an individual who represents someone before any authority under the law for a fee. It does not have to be an employee; it can simply be someone who is giving the services of accountancy.
• Film artist: This includes actor, music director, dance choreographer, producer, lyrist, story writer, screenplay, singer, costume designer, cameraman etc.
• Company secretary : This rule will also apply to any freelancer who is involved in any of the listed professions mentioned above and whose gross receipt exceeds INR 1,20,000.
If the gross receipts of the professionals mentioned above do not cross INR 1,20,000 in any or more of the earlier 3 years for an existing profession or new start-up professional whose gross receipt is anticipated to be below INR 120000 – the freelancer or the professional has to maintain books of account. However, the books or records to be kept have not been exactly specified. Although the only criterion is that the AO should be able to calculate the taxable income of the profession from them.
Please note, from the assessment year 2018-2019, the limit of INR 1, 20,000 has been increased to INR 2,50,000.


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