Section 44AA → Section 50
Maintenance of accounts by certain persons carrying on profession or business
Quick Answer
Section 44AA of the Income Tax Act, 1961 (Maintenance of accounts by certain persons carrying on profession or business) corresponds to Section 50 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec 44AA
Provision Summary
Mandates specific professionals and businesses crossing certain income/turnover thresholds to maintain proper books of accounts.
Sec 50
Provision Summary
Retained. Cloud accounting software records with immutable audit trails are now explicitly legally valid.
Key Changes & Highlights
- Thresholds synced directly with the limits of Presumptive Taxation schemes.
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Frequently Asked Questions
What does Section 44AA of the Income Tax Act 1961 deal with?
Section 44AA (Maintenance of accounts by certain persons carrying on profession or business) Mandates specific professionals and businesses crossing certain income/turnover thresholds to maintain proper books of accounts.
What is the new section number for Section 44AA under the Direct Tax Code 2025?
Section 44AA of the ITA 1961 maps to Section 50 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 44AA under the new tax code?
Section 44AA is marked as "Retained" with status "Active". Impact: Medium - Governs bookkeeping compliance.
What are the key changes to Section 44AA under DTC 2025?
Thresholds synced directly with the limits of Presumptive Taxation schemes.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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