Understanding Section 44AA - Navigating the Nuances of Mandatory Bookkeeping
Published On: 31 Jan 2025
Reading Time: 6 minutes
Overview
- Who is Mandated to Maintain Books of Accounts?
- Specified Professions
- Non-Specified Professions and Businesses
- Implications for Presumptive Taxation Schemes
- Essential Books of Accounts as per Rule 6F
- Retention Period and Penalties
- Additional Considerations
- Multiple Businesses or Professions
- Change in Business Structure
- Interplay with Section 44AB (Tax Audit)
- Electronic Maintenance of Books
- Newly Established Businesses or Professions
- Professionals Opting for Presumptive Taxation under Section 44ADA
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