Section 44a and 44ab
This query is : Resolved
01 August 2011
what are the differences between section 44a and 44ab. and for whom it is applicable?.
CA PARAS BAFNA
(Expert)
02 August 2011
There are no such Sections like 44a and 44ab in the Income Tax Act.
.
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.
.
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 .
.
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.
.
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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