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Section 44a and 44ab

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sundaresh

sundaresh (Querist)
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01 August 2011 what are the differences between section 44a and 44ab. and for whom it is applicable?.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 August 2011 There are no such Sections like 44a and 44ab in the Income Tax Act.
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However, Section 44A and 44AB are there in the Act. One more section about which it is expected to receive a query -is Section 44AA.

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Section 44A-
It is applicable to trade and professional
associations and deals with the set off
of any specific purpose shortfall against the taxable income for the same year of such body.
.
Section 44AA-
Maintenance of Accounts
Section 44AB-
Audit of Accounts
Section 44AA and 44AB are dealing certain conditions and are applicable to the assessees carrying on business or profession .

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