Claiming lower presumptive profits permitted where books are maintained, audited and audit report furnished under law.

Assessee may claim lower profits than those specified in sub-sections (1) and (2) of section 44AE if the assessee keeps and maintains books of account and other documents as required under sub-section (2) of section 44AA, gets accounts audited and furnishes the audit report as required under section 44AB; the provision is deemed effective from 1 April 1998.

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