Filing of Audit Report under sections 44AD(6), 44AE(7) and 44AF(5) of the Income-tax Act, 1961, for the assessment year 1998-99

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..... d 44AF of the Income-tax Act, 1961, provide for estimating the income under the head Profits and gains of business or profession in the cases of assessees engaged in the business of (i) civil construction, (ii) plying, hiring or leasing goods carriages, and (iii) retail businesses; provided the turnover or the number of vehicle, as the case may be, is below a specified figure. 2. Up to the ass .....

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..... by an accountant before the specified date and the same must also be furnished by that date in a prescribed form. 4. Sub-section (6) of section 44AD, sub-section (7) of section 44AE and sub-section (5) of section 44AF were inserted with retrospective effect from 1-4-1998 by the Finance Act, 1999. Accordingly, the assessees were not in position to file audit report for the assessment year 1998 .....

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