(1) Maintain the books of account and other documents by notified profession [Section 44AA(1)]: This section provides that every person carrying on the legal, medical, engineering or architectural profession or accountancy or technical consultancy or interior decoration or any other profession as has been notified by the CBDT in the official gazette must … Read more
The various items of income chargeable to tax as income under the head ‘profits and gains of business or profession’ are as under: (1) Income from business, profession, or vocation: Income arising to any person by way of profits and gains from the business or profession carried on by him at any time … Read more
The notified ICDSs have to be followed by all assessees (other than an individual or an undivided Hindu family who is not required to get his accounts of the previous year audited in accordance with the provisions of section 44AB) following the mercantile system of accounting, for the purposes of computation of income chargeable … Read more