SECTION 44AA – MAINTENANCE OF ACCOUNTS BY PROFESSIONALS
403. Requirement of maintaining books of account by professionals to apply in respect of accounting years commencing on or after April 1, 1976
1. Section 44AA casts a legal obligation for maintenance of books of account by persons specified therein. This section has come into force with effect from April 1, 1976.
2. The Board have examined the question as to the date from which provisions of section 44AA are applicable. The requirement contained in sub-sections (1) and (2) of section 44AA regarding maintenance of books of account and documents will apply only in relation to books of account and documents in respect of accounting years commencing on or after April 1, 1976.
Circular : No. 205 [F. No. 201/50/76-IT(A-II)], dated 27-7-1976.