India - Income Tax Act 2010 - Saarc

S. 44AD I.T. ACT, 1961 1.288prescribed form duly signed and verified by such accountant and setting forthsuch particulars as may be prescribed :83[Provided that this section shall not apply to the person, who derives income ofthe nature referred to in 84 [***] section 44B or 85 [section 44BBA], on and from the1st day of April, 1985 or, as the case may be, the date on which the relevant sectioncame into force, whichever is later :Provided further that] in a case where such person is required by or under anyother law to get his accounts audited 86 [***], it shall be sufficient compliancewith the provisions of this section if such person gets the accounts of suchbusiness or profession audited under such law before the specified date and87[furnishes by] that date the report of the audit as required under such other lawand a further report 88 [by an accountant] in the form prescribed under this section.Explanation.—For the purposes of this section,—(i) “accountant” shall have the same meaning as in the Explanationbelow sub-section (2) of section 288;89[(ii) “specified date”, in relation to the accounts of the assessee of theprevious year relevant to an assessment year, means the 90 [30th dayof September] of the assessment year.]]Special provision for computing profits and gains from the business of tradingin certain goods.44AC. 91 [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]92[ 93 Special provision for computing profits and gains of business of civilconstruction, etc.44AD. (1) Notwithstanding anything to the contrary contained in sections 28to 43C, in the case of an assessee engaged in the business of civil83. Substituted for “Provided that” by the Finance Act, 1992, w.r.e.f. 1-4-1985.84. Words “section 44AC or” omitted by the Finance Act, 1995, w.e.f. 1-7-1995.85. Substituted for “section 44BB or section 44BBA or section 44BBB” by the Finance Act,2003, w.e.f. 1-4-2004.86. Words “by an accountant” omitted by the Finance Act, 1985, w.e.f. 1-4-1985.87. Substituted for “obtains before” by the Finance Act, 1995, w.e.f. 1-7-1995.88. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001.89. Substituted, ibid. Prior to its substitution, clause (ii), as substituted by the Finance Act,1988, w.e.f. 1-4-1989 and later on amended by the Finance Act, 1994, w.e.f. 1-4-1994, readas under :‘(ii) “specified date”, in relation to the accounts of the previous year relevant to anassessment year means,—(a) where the assessee is a company, the 30th day of November of the assessmentyear;(b) in any other case, the 31st day of October of the assessment year.’90. Substituted for “31st day of October” by the Finance Act, 2008, w.e.f. 1-4-2008.91. Prior to omission section 44AC was inserted by the Finance Act, 1988, w.e.f. 1-4-1989 andlater amended by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989 and theFinance Act, 1990, w.e.f. 1-4-1991.92. Inserted by the Finance Act, 1994, w.e.f. 1-4-1994.93. See also Circular No. 737, dated 23-2-1996. For details, see Taxmann’s Master Guide toIncome-tax Act.