TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income Estimation Rules for Small Businesses Adjusted for 1998-99; Audit Reports Allowed Before Assessment Completion.</h1> Sections 44AD, 44AE, and 44AF of the Income-tax Act, 1961, pertain to estimating income for businesses in civil construction, goods carriage operations, and retail, with specific turnover or vehicle limits. For the assessment year 1998-99, if income reported was lower than estimated, assessees were required to maintain records and submit an audited report. Due to retrospective enactment of relevant subsections by the Finance Act, 1999, assessees faced difficulties in meeting deadlines. To alleviate this, the Board allowed filing of audit reports anytime before assessment completion, ensuring compliance with sections 44AD(6), 44AE(7), and 44AF(5).
TaxTMI 
TaxTMI 
