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of <h1>1997 Finance Act amends Income-tax Act's section 44AA, affecting profits under sections 44AD, 44AE, 44AF from 1998.</h1> The Finance Act, 1997, amends section 44AA of the Income-tax Act, specifically sub-section (2), clause (ii). Effective from April 1, 1998, it introduces a provision where, if the profits and gains from a business are deemed under sections 44AD, 44AE, or 44AF, and the assessee claims lower income than these deemed profits, this condition will apply during the relevant previous year.
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