{"act":{"id":"finance-act-2012","short_title":"The Finance Act, 2012","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.","act_number":null,"act_year":2012,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":121,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2012/"},"unit":"section","section":{"number":"14","heading":"Amendment of section 44AD","text":"Amendment of section 44AD. 14. In section 44AD of the Income-tax Act,— (a) after sub-section (5), and before the Explanation, the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2011, namely:— \"(6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to— (i) a person carrying on profession as referred to in sub-section (1) of section 44AA; (ii) a person earning income in the nature of commission or brokerage; or (iii) a person carrying on any agency business.\"; (b) in the Explanation, in clause (b), in sub-clause (ii), for the words \"sixty lakh rupees\", the words \"one crore rupees\" shall be substituted with effect from the 1st day of April, 2013. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 44AD.</b></p><p><b>14.</b> In section 44AD of the Income-tax Act,—</p><p>(<i>a</i>) after sub-section (5), and before the <i>Explanation, </i>the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2011, namely:—</p><p>\"(6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—</p><p>(<i>i</i>) a person carrying on profession as referred to in sub-section (1) of section 44AA;</p><p>(<i>ii</i>) a person earning income in the nature of commission or brokerage; or</p><p>(<i>iii</i>) a person carrying on any agency business.\";</p><p>(<i>b</i>) in the <i>Explanation, </i>in clause (<i>b</i>)<i>, </i>in sub-clause (<i>ii</i>), for the words \"sixty lakh rupees\", the words \"one crore rupees\" shall be substituted with effect from the 1st day of April, 2013.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":136,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2012/section/14/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}