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of <h1>Amendment to Section 44AF: Claim Lower Profits with Proper Books, Audit, and Report from April 1, 1998.</h1> Section 44AF of the Income-tax Act has been amended to include a new sub-section (5), effective from April 1, 1998. This provision allows an assessee to claim lower profits and gains than those specified in sub-section (1) if they maintain the necessary books of account and documents as required under section 44AA(2), have their accounts audited, and furnish an audit report as required under section 44AB.
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