Section 14 - Amendment of section 44AD. - Finance Act, 2012

Amendment of section 44AD. 014 . 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.