Clause 14 - Amendment of section 44AD. - Finance Bill, 2012

Amendment of section 44AD. 14. In section 44AD of the Income-tax Act, (a) after sub-section (5), and before the Explanation, the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2011, namely: (6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to (i) a person carrying on profession as referred to in sub-section (1) of section 44AA; (ii) a person earning income in the nature of commission or brokerage; or (iii) a person carrying on any agency business. ; (b) in the Explanation, in clause (b), in sub-clause (ii), for the words sixty lakh rupees , the words one crore rupees shall be substituted with effect from the 1st day of April, 2013.