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of <h1>Amendment to Section 44AD: Claim Lower Profits with Proper Documentation and Audit under Finance Act 1999, Effective April 1998.</h1> Section 44AD of the Income-tax Act was amended by the Finance Act, 1999, to include a new sub-section (6). This sub-section allows an assessee to claim lower profits and gains than those specified in sub-section (1), provided that the assessee maintains the necessary books of account and documents as required under section 44AA(2), and also gets the accounts audited, furnishing an audit report as mandated by section 44AB. This amendment is effective retroactively from April 1, 1998.
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