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[Complete Act]
Central Government Act
Section 44AA in The Income- Tax Act, 1995
44AA. 3 Maintenance of accounts by certain persons carrying on profession or business'
(1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette' shall keep and maintain such books
1. Inserted by the Finance Act, 1964, w. e. f. 1- 4- 1964.
2. Inserted by the Finance (No. 2) Act, 1965, w. r. e. f. 1- 4- 1964.
3. Inserted by the Taxation Laws (Amendment) Act, 1975, w. e. f. 1- 4- 1976.
of account and other documents as may enable the 1 Assessing] Officer to compute his total income in accordance with the provisions of this Act.
(2) Every person carrying on business or profession[ not being a profession referred to in sub- section (1)] shall,-
(i) if his income from business or profession exceeds 2 forty thousand] rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds 3 five hundred thousand] rupees in any one of the three years immediately preceding the previous year; or
(ii) where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed 4 forty thousand] rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed 5 five hundred thousand] rupees, during such previous year, keep and maintain such books of account and other documents as may enable the 6 Assessing] Officer to compute his total income in accordance with the provisions of this Act.
(3) The Board may, having regard to the nature of the business or profession carried on by any class of persons, prescribed, by rules, the books of account and other documents (including inventories, wherever necessary) to be kept and maintained under sub- section (1) or sub- section (2), the particulars to be contained therein and the form and the manner in which and the place at which they shall be kept and maintained.'
(4) Without prejudice to the provisions of sub- section (3), the Board may prescribe, by rules, the period for which the books of account and other documents to be kept and maintained under sub- section (1) or subsection (2) shall be retained.] 1 Substituted for" Income- tax" by the Direct Tax Laws (Amendment) Act, 1987 , w. e. f. 1- 4- 1988 . 2 Substituted for" twenty- five thousand" by the Finance Act, 1992 , w. e. f. 1- 4- 1993 . 3 Substituted for" two hundred and fifty thousand", by the Finance Act, 1992 , w. e. f. 1- 4- 1993 . 4 Substituted for" twenty- five thousand", ibid. 5 Substituted for" two hundred and fifty thousand", ibid. 6 Substituted for" Income- tax" by the Direct Tax Laws (Amendment) Act, 1987 , w. e. f. 1- 4- 1988 .