Section 44AA: New Requirement for Professionals and Businesses to Maintain Books if Income Exceeds Non-Taxable Limit.

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Full Text of the Document

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....Amendment of section 44AA. - maintenance of accounts by certain persons carrying on profession or business. - every person carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax, keep and maintain such books of account and other documents for computing his total income in accordance with the provisions of this Act.....