WebSection 44AA gives details of who all are required to maintain books of accounts for the purpose of income tax. Businesses and professions are required to maintain the books … WebApr 14, 2024 · Dist. Intermediate Educational Office Vs Income Tax Officer (TDS) (ITAT Hyderabad) ITAT Hyderabad held that payment to contract teachers doesn’t qualify as ‘fee for professional services’ and accordingly TDS under section 194J of the Income Tax Act not deductible. Facts- The common question that arises in both these appeals is whether the ...
Section 44AA & Rule 6F: Books of Accounts for Income Tax
WebDec 10, 2024 · To resolve this issue firstly we have to see the provisions of section 44AA (1) of the Act given earlier in this book. From the perusal of the above section, it is clear that it is mandatory for the professional who is covered under Section 44ADA to maintain books of accounts even though he has opted for the presumptive taxation scheme. WebJan 30, 2014 · What books of accounts are required to be maintained by persons covered u/s 44AA (1): As per Rule 6F (2) the following books of accounts and documents are required to be maintained: 1) cash book, 2)Journal, if the accounts are maintained as per mercantile system of accounting, 3)ledger bodyguard workwear ltd birmingham
CA Sombir Singh on LinkedIn: The Jaipur bench of ITAT has …
Websection 44AD, the provisions of section 44AA relating to maintenance of books of account will not apply. In other words, if a person adopts the provisions of section 44AD and … WebOct 25, 2024 · Books of accounts are governed by Section 44AA of the Income Tax Act, 1961. Following are the books that are required to be maintained: Cashbook Ledger Journal Xerox copy of bills & receipt of transactions exceeding INR 25,000 Original bills & receipt of every transaction exceeding INR 50,000. Penalty for non-compliance u/s 271A WebMar 23, 2012 · If the turnover and profit as mentioned in section 44AA exceeds the limit as prescribed then you are under obligation to maintain books of account but there is no obligation of getting the same audited. Hence, you are liable to maintain the books of account as soon as the limit as prescribed is exceeded. bodyguard workwear turnover