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of <h1>Amendment to Section 44AA: Clause (iii) updated, clause (iv) added for business profits under Section 44AD, effective 2011.</h1> Section 44AA of the Income-tax Act was amended by the Finance (No. 2) Act, 2009, effective April 1, 2011. In sub-section (2), clause (iii) was modified to replace references to sections 44AD, 44AE, and 44AF with section 44AE alone. Additionally, the wording at the end of clause (iii) was adjusted. A new clause (iv) was introduced, addressing situations where business profits are deemed under section 44AD, and the assessee claims a lower income than deemed, provided the income exceeds the non-taxable maximum for that year.
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