Professions notified under Section 44AA of Income Tax Act

Dear Ratti,

For the purpose of Sec 44AA of Income Tax Act, 1961, legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, or any other notified profession (i.e., authorised representative, film artist, company secretary  and information technology) are specified professions.

Authorised representative means a person who represents any other person, on payment of any fee or remuneration, before any Tribunal or authority constituted or appointed by or under any law for the time being in force, but does not include an employee of the person so represented or a person carrying on legal profession or a person carrying on the profession of accountancy.

Dear Ratti,

Divya has rightly mentioned.

Just adding to d defination of "Film Artist"

film artist” means any person engaged in his professional capacity in the production of a cinematograph film whether produced by him or by any other person, as—

       (i)  an actor

      (ii)  a cameraman;

     (iii)  a director, including an assistant director;

     (iv)  a music director, including an assistant music director;

      (v)  an art director, including an assistant art director;

     (vi)  a dance director, including an assistant dance director;

    (vii)  an editor;

   (viii)  a singer;

     (ix)  a lyricist;

      (x)  a story writer;

     (xi)  a screen-play writer;

    (xii)  a dialogue writer; and

   (xiii)  a dress designer.

Agree with Divya and Mr.Amir......

hi everybody

can any one help in knowing the meaning of profession of information technology for the purposes of sec 44 AA & AB

Thanks & regards

vedha

Dear Experts,

I wou;d like to add one more query that: Whether SPA and Massage business is included in above notified profession?

what is section 44AA

what i have to select while filing income tax "Yes" or "No" option my total termover for f.y12-13 is 5.50 lacs

An assessee draws an income of Rs 60,000 from business of internet cafe and also renders his service as an insurance agent, from which he draws an income of Rs 70,000. Taking the cumulative earnings, is he liable to maintain books u/s 44AA or the limit wrt to the section has to seen separately for both the earnings. 

are dub artists considered under Film Artists

????

is a chartered accountant firm covered under the definition of profession u/s 44aa??

Hi,

Specified profession – Profession of legal, medical, engineering, architectural, accounting, technical consultancy, interior decoration, film artist or authorised representative.

Persons carrying on specified profession and his gross receipts exceeds Rs. 1,50,000 in all the three immediately preceding years or in case of a new profession likely to exceed Rs.1,50,000 in the year of set up are required to maintain specified books of account.

Also, in the following cases, assessee is required to keep and maintain such books of account:

1. His income from business or profession exceeds rs. 1,20,000 or his turnover (gross receipts in case of profession) exceeds rs. 10,00,000 in any one of the three immediately preceding years. (Limit will be Rs. 2,50,000 for income and Rs. 25,00,000 for turnover in case of Individual and HUF from Financial year 2017-2018)
2. In case of newly setup business or profession, his income is likely to exceed rs. 1,20,000 or his turnover (gross receipts in case of profession) is likely to exceed rs. 10,00,000 (Limit will be Rs. 2,50,000 for income and Rs. 25,00,000 for turnover in case of Individual and HUF from Financial year 2017-2018)
3. Where the profits and gains from the business are deemed profits under section 44AE, 44BB or 44BBB and the assessee has claimed his income to be lower than the profits or gains so deemed
4. From Financial year 2016-17 – where the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year.
5. Section 44ADA Presumptive taxation for Professionals – The assessee filing return under section 44ADA is not required to maintain books of account under section 44AA.

Dear All,

Need clarification U/S 44AA, whether only professional (degree holder) covered or all persons that are doing such related work.

Thanks in Advance

All the persons doing such related work.