TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income Tax Bill 2025: Clause 62 Modernizes Record-Keeping for Professions, Aligning with Tech Advances and Economic Needs</h1> The Income Tax Bill, 2025 introduces Clause 62, mandating the maintenance of books of account for specified professions and businesses, aiming to modernize and streamline financial record-keeping to align with current economic and technological advancements. It sets updated thresholds and conditions to ensure relevance and prevent undue burden on smaller entities, emphasizing technology use for compliance and verification. In contrast, Section 44AA of the Income Tax Act, 1961, established standards for record-keeping but requires modernization to address contemporary challenges. Both provisions focus on accurate income computation and preventing tax evasion, with Clause 62 offering enhanced clarity and consistency.
TaxTMI 
