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of <h1>New Sub-Section (5) Added to Section 44AD: Assessees Can Claim Lower Profits with Evidence from April 1, 1997.</h1> Section 44AD of the Income-tax Act is amended to include a new sub-section (5), effective from April 1, 1997. This provision allows an assessee to claim that their business profits and gains for the relevant assessment year, or any earlier year, are lower than those specified in sub-section (1). If the assessee provides evidence to support this claim, the Assessing Officer must assess the total income or loss and determine the payable sum based on the assessment under sub-section (3) of section 143.
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