Section 44AA of ITA, 1961 : Section 44Aa: Maintenance Of Accounts By Certain Persons Carrying On Profession Or Business

Explanation using Example

Let's imagine a scenario where Dr. Smith is a self-employed cardiologist with a private practice. As a medical professional, Section 44AA(1) of the Income-tax Act, 1961 applies to him, mandating that he must keep and maintain detailed books of account. This would enable the Assessing Officer to accurately compute Dr. Smith's total income for tax purposes. He must record all his earning...

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