Maintenance of books of accounts-Section 44AA of the Income-tax Act, 1961-Date from which effective-Clarification regarding - Income Tax - 205/1976

Maintenance of books of accounts-Section 44AA of the Income-tax Act, 1961-Date from which effective-Clarification regarding Circular No. 205 Dated 27/7/1976 From Secretary, Central Board of Direct Taxes. To All Commissioners of Income-tax. Sir, Subject: Maintenance of books of accounts-Section 44AA of the Income-tax Act, 1961-Date from which effective-Clarification regarding. Section 44A of the Income-tax Act, 1961, casts a legal obligation for maintenance of books of accounts by persons specified therein. The section has come into force with effect from 1st April, 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-section (1) and (2) of section 44AA regarding maintenance of books of accounts and documents will apply only in relation to books of accounts and documents in respect of accounting years commencing on or after 1st April, 1976. 3. The above clarification may please be brought to the notice of all officers working in your charge. Yours faithfully, (Sd.) T.P. Jhunjhunwala, SECRETARY, CENTRAL BOARD OF DIRECT TAXES.