Section 44AA - Maintenance of accounts by persons carrying on business or profession

Maintenance of accounts: specified professionals and taxpayers over prescribed thresholds must maintain books; electronic records required and penalties apply.

Section 44AA mandates maintenance of books of accounts for specified professions and for other taxpayers exceeding prescribed income or turnover thresholds, including those newly established if likely to exceed thresholds; Rule 6F prescribes specific books and documents (cash book, journal, ledger, bills/receipts and, for medical practitioners, a daily case register and inventory), mandates retention for six years at the place of business or principal place, recognizes electronic/digital forms as books, and provides that persons under presumptive taxation must keep records if they declare income below deemed profits; penalty under Section 271A applies for noncompliance.