Option under section 44AD and 44AE to declare profits lower than the deemed profits--assessment year 1997-98--regarding.

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..... ons 44AD and 44AE of the Income-tax Act, 1961 provide a presumptive basis to bring to tax the profits and gains arising from the business of civil construction or supply of labour for civil construction and the business of plying, hiring or leasing of goods carriages respectively. Sub-section (5) of section 44AD and sub-section (6) of section 44AE allowed an option to an assessee to offer a lower .....

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..... r sub-section (5) of section 44AD and sub-section (6) of section 44AE for the assessment year 1997-98. The Board is considering appropriate measures in order to remove the anomaly caused by the omission of sections 44AD(5) and 44AE(6) with effect from 1.4.1997. In the meanwhile, the tax-payers coming under this category are not to be put to inconvenience for the assessment year 1997-98. The assess .....

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