Amendment of section 44AF

In force As on 07 Oct 2026

Ministry Finance Cited by 1 provision

Section 31 of the Finance Act, 1999 deals with amendment of section 44AF. Amendment of section 44AF. 31. In section 44AF of the Income-tax Act, after sub-section (4), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1998, namely :— "(5) Notwithstanding anything contained in the foregoing provision

Amendment of section 44AF.
31. In section 44AF of the Income-tax Act, after sub-section (4), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1998, namely :—
"(5) Notwithstanding anything contained in the foregoing provisions of this section, an assessee may claim lower profits and gains than the profits and gains specified in sub-section (1), if he keeps and maintains such books of account and other documents as required under sub-section (2) of section 44AA and gets his accounts audited and furnishes a report of such audit as required under section 44AB.".
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Section 31, The Finance Act, 1999.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 44AF Special provisions for computing profits and gains of retail business

Referred to by 1

s. First Schedule First Schedule

Questions about Section 31

What does Section 31 of the Finance Act deal with?

Section 31 of the Finance Act is headed "Amendment of section 44AF". Amendment of section 44AF. 31. In section 44AF of the Income-tax Act, after sub-section (4), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1998, namely :— "(5) Notwithstanding anything contained in the foregoing provision

How do I find court cases under Section 31 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1999 31, section 31 Finance Act 1999, section 31 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 31 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 44AF (Special provisions for computing profits and gains of retail business), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 1999. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

50. Substitution of new section for section 80-IA5311 words
First Schedule. First Schedule5092 words
2. Income-tax1942 words
6. Amendment of section 101681 words
3. Amendment of section 21112 words
38. Substitution of new section for section 72A903 words

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.