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of <h1>Finance Act 1997 Amends Section 44AB: New Compliance for Businesses Reporting Income Below Presumptive Profits.</h1> Section 44AB of the Income-tax Act is amended by the Finance Act, 1997, effective April 1, 1998. The amendment modifies clause (b) to include a new provision. It specifies that individuals carrying on business, whose profits are deemed under sections 44AD, 44AE, or 44AF, must comply if they claim their income to be lower than the deemed profits in any previous year. This change aims to address cases where declared income is less than the presumptive profits under the specified sections.
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