India - Income Tax Act 2010 - Saarc

S. 44AA I.T. ACT, 1961 1.286(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 64 [one lakhtwenty] thousand rupees or his total sales, turnover or gross receipts,as the case may be, in business or profession are or is likely to exceed65[ten lakh] rupees, 66 [during such previous year; or(iii) where the profits and gains from the business are deemed to be theprofits and gains of the assessee under 67 [section 44AD or section44AE or section 44AF] 68 [or section 44BB or section 44BBB], as thecase may be, and the assessee has claimed his income to be lower thanthe profits or gains so deemed to be the profits and gains of hisbusiness, as the case may be, during such 69 [previous year,]]The following clause (iv) shall be inserted after clause (iii) of subsection(2) of section 44AA by the Finance (No. 2) Act, 2009, w.e.f.1-4-2011 :(iv) where the profits and gains from the business are deemed to be theprofits and gains of the assessee under section 44AD and he hasclaimed such income to be lower than the profits and gains so deemedto be the profits and gains of his business and his income exceeds themaximum amount which is not chargeable to income-tax during suchprevious year,keep and maintain such books of account and other documents as may enablethe 70 [Assessing] Officer to compute his total income in accordance with theprovisions of this Act.(3) The Board may, having regard to the nature of the business or professioncarried on by any class of persons, prescribe 71 , by rules, the books of accountand other documents (including inventories, wherever necessary) to be kept andmaintained under sub-section (1) or sub-section (2), the particulars to becontained therein and the form and the manner in which and the place at whichthey shall be kept and maintained.(4) Without prejudice to the provisions of sub-section (3), the Board mayprescribe, by rules, the period for which the books of account and otherdocuments to be kept and maintained under sub-section (1) or sub-section (2)shall be retained.]64. Substituted for “forty” by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Earlier “forty” wassubstituted for “twenty-five” by the Finance Act, 1992, w.e.f. 1-4-1993.65. Substituted for “five hundred thousand” by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.Earlier “five hundred thousand” was substituted for “two hundred and fifty thousand” bythe Finance Act, 1992, w.e.f. 1-4-1993.66. Substituted for “during such previous year,” by the Finance Act, 1997, w.e.f. 1-4-1998.67. Words “section 44AE” shall be substituted for the words “section 44AD or section 44AE orsection 44AF” by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2011.68. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.69. Words “previous year; or” shall be substituted for the words “previous year,” by theFinance (No. 2) Act, 2009, w.e.f. 1-4-2011.70. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.71. See rule 6F for prescribed books of account to be maintained by professionals. Form 3Chas been prescribed as a Daily Case Register to be maintained by Medical Professionals.