TMI BlogAmendment of section 44AB.X X X X Extracts X X X X X X X X Extracts X X X X ..... d; (ii) for the words "previous year," occurring at the end, the words "previous year; or" shall be substituted; (b) after clause (c), the following clause shall be inserted, namely:— "(d) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs exceeds or exceed ten lakh rupees. Such persons will also be required to obtain before the specified date a report of the audit in the prescribed form. These requirements will apply only in relation to the accounts for the previous year or years relevant to any assessment year commencing on 1 st April, 1985 or any subsequent assessment year. In cases where the accounts of a person are required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quired if he claims that the profits and gains from the business are lower than the profits and gains computed in accordance with the provisions of sub-section (1) of section 44AD and if his income exceeds the maximum amount which is not chargeable to income-tax. This amendment will take effect from 1 st April, 2011 and will, accordingly, apply in relation to the assessment year 2011-2012 and su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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