1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
TaxTMI Login
🚀 New: Section-Wise Filter ✕
Just a moment...
1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Manuals
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Manuals
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
<h1>Section 44AA: Professionals Must Maintain Books of Accounts; Digital Formats Allowed; Non-Compliance Penalty of 25,000.</h1> Section 44AA of the Income Tax Act mandates that individuals in specified professions, such as legal, medical, engineering, and others, maintain books of accounts. Those not in these professions must keep accounts if their income or turnover exceeds certain thresholds. Specific records like cash books, ledgers, and receipts must be maintained, especially for medical professionals. Books must be kept for six years at the primary business location. Exceptions include businesses under Sections 44AD, 44AE, and others, unless claiming lower income. Non-compliance can result in a penalty of 25,000. Amendments allow books to be kept in digital formats.
TaxTMI 
TaxTMI 
