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of <h1>Income-tax Act Update: New Sub-section (7) in Section 44AE Allows Lower Profits Claim with Audit and Documentation.</h1> Section 44AE of the Income-tax Act has been amended to include a new sub-section (7), effective from April 1, 1998. This provision allows an assessee to claim lower profits and gains than those specified in sub-sections (1) and (2), provided they maintain the necessary books of account and documents as per section 44AA(2), and undergo an audit, furnishing the audit report as required under section 44AB.
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