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of <h1>Income Tax Act Section 44AE Amended: New Sub-section (6) Allows Proof of Lower Profits for Assessment.</h1> Section 44AE of the Income-tax Act has been amended to include a new sub-section (6), effective from April 1, 1997. This provision allows an assessee to claim and provide evidence that their profits and gains from the relevant business are lower than those specified in sub-sections (1) and (2). If proven, the Assessing Officer will assess the total income or loss and determine the payable amount based on the assessment under sub-section (3) of section 143.
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