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of <h1>Amendment to Income-tax Act: Section 44AA Now Requires Books for Lower Profits Under Section 44AD from 2011 Onwards.</h1> Clause 18 of the Finance (No. 2) Bill, 2009, proposes amendments to section 44AA of the Income-tax Act, effective from April 1, 2011. The amendment modifies sub-section (2) by changing references to sections 44AD, 44AE, and 44AF to only section 44AE. A new clause is added, requiring maintenance of books of account for businesses claiming profits lower than those deemed under section 44AD, provided the income exceeds the non-taxable threshold. This aims to ensure accurate income computation for assessment year 2011-2012 onwards.
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