Sec 44aa Of Income Tax Act
April 7, 2023 ⚊ 1 Min read ⚊ Views 81 ⚊ BUSINESSBroadly speaking, the provisions of Section 44AD of the Act apply to any resident individual or HUF or partnership carrying on business other than specified (excluded) business with gross turnover/income not exceeding Rs 2 crore.
Now you got to know about sec 44aa income tax act. Businesses and professionals are required to keep books for income tax purposes. Detailed requirements for various transactions are set out in Section 44AA. A fine of up to Rs.10,000 per day shall be levied for the failure to maintain books of account or records. It fails to maintain the same.
Read details: https://instafiling.com/sec-44aa-of-income-tax-act/
Tags: Income tax, Receipts, Turnover