https://www.taxtmi.com/article/detailed?id=12702 Maintenance of books of account is mandated by Section 44AA and governing rules, requiring prescribed records sufficient to compute total income for specified professions and for other businesses meeting threshold conditions. Rules enumerate required records such as cash book, journal, ledger, serially numbered bills and originals of expenditure documents; special prescriptions apply to medical practitioners. Records must be kept at the principal place of profession, retained for the statutory period, and non compliance attracts penalty under Section 271A, which may be negated if relevant records or extracts are produced in proceedings. en-us Sat, 15 Jun 2024 19:14:47 +0530 Sat, 15 Jun 2024 19:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12702 Maintenance of books of account is mandated by Section 44AA and governing rules, requiring prescribed records sufficient to compute total income for specified professions and for other businesses meeting threshold conditions. Rules enumerate required records such as cash book, journal, ledger, serially numbered bills and originals of expenditure documents; special prescriptions apply to medical practitioners. Records must be kept at the principal place of profession, retained for the statutory period, and non compliance attracts penalty under Section 271A, which may be negated if relevant records or extracts are produced in proceedings. Articles Income Tax Sat, 15 Jun 2024 19:14:47 +0530 https://www.taxtmi.com/article/detailed?id=12702