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TMI BlogAmendment of section 44AD.X X X X Extracts X X X X X X X X Extracts X X X X ..... profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 44AD of the Income-tax Act relating to special provision for computing profits and gains of business on presumptive basis. The existing provisions contained in the said section provides that notwithstanding anything to the contrary contained in section 28 to 43C, in the case of an assessee engaged in any business having total turnover or gross receipts not exceeding one crore rupees, a sum equ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is further proposed that the scheme does not apply to an assessee, who is carrying on profession as referred to in subsection (1) of section 44AA or earning income in the nature of commission or brokerage or carrying on any agency business and who has claimed deduction under any of the section 10AA, 10A, 10B, 10BA or deduction under any provisions of Chapter VI-A. Under the scheme, the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1). It is further proposed that an assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be requ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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