{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"26","heading":"Amendment of section 44AD","text":"Amendment of section 44AD. 26. In section 44AD of the Income-tax Act, with effect from the 1st day of April, 2017,— (a) | in sub-section (2), the proviso shall be omitted; (b) | for sub-sections (4) and (5), the following sub-sections shall be substituted, namely:— \"(4) Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1). (5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.\"; (c) | in the Explanation, in clause (b), in sub-clause (ii), for the words \"one crore rupees\" occurring at the end, the words \"two crore rupees\" shall be substituted.","html":"<p><b>Amendment of section 44AD.</b></p><p><b>26.</b> In section 44AD of the Income-tax Act, with effect from the 1st day of April, 2017,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (2), the proviso shall be omitted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>for sub-sections (4) and (5), the following sub-sections shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(4) Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1).</td></tr><tr><td></td><td></td><td>(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.\";</td></tr><tr><td>(<i>c</i>)</td><td></td><td>in the <i>Explanation</i>, in clause (<i>b</i>), in sub-clause (<i>ii</i>), for the words \"one crore rupees\" occurring at the end, the words \"two crore rupees\" shall be substituted.</td></tr></table></div>","words":242,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/26/","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."}