Web1 day ago · 3.1 Which are the professions referred to in section 44AA(1) [Section 44AD(6)(i)] A person carrying on a profession referred to in section 44AA(1) of the Act cannot avail section 44AD in respect of either the profession or for that matter in respect of any “eligible business” carried on by him. Under section 44AA(1) of the Act, the ... Webaccount, documents, etc., as required under section 44AA Rs. 25,000 271AA(1) (1)Failure to keep and maintain information and documents required by section 92D(1) or 92D(2) (2) …
Section 44AA: Rules & Limit for Maintenance of Books of Accounts
Web11 Apr 2024 · Tax Audit applicability: Both sections provide that an assessee may claim lower profits and gains than the profits and gains specified ( i.e lower than 10%) if he keeps and maintains such books of account and other documents as required under subsection (2) of section 44AA of the Act and gets his accounts audited and furnishes a report of … Web21 Jan 2024 · Presumptive taxation under section, 44AD – not required to maintain books under section 44AA: However, if the assessee switches to normal scheme from … dr amy gately
Impact of Amendment by Finance Act, 2024 on Non-Resident/Not …
Web2 Aug 2024 · Under Section 44AA, doctors must maintain their books of accounts for income tax purposes. However, if your total income is not more than Rs. 1.5 lakhs in any of the last three years, you are not mandated to prepare your books of accounts. Books of accounts that doctors must prepare under Section 44AA are: WebBusinesses not covered under the presumptive taxation scheme of section 44AD The scheme of section 44AD is designed to give relief to small taxpayers engaged in any … Web22 Jun 2024 · If a person is not maintaining books of account as required under section 44AA and violating any provision of the section then penalty may be imposed under … dr. amy garrison lake placid ny