Income Tax Act, 2025
Section 18: Subs. by Act 7 of 2017, s. 20, for “Provided that” (w.e.f. 12017).
18. Subs. by Act 7 of 2017, s. 20, for “Provided that” (w.e.f. 12017).
19. The words, figures and letters “section 44AC or” omitted by Act 22 of 1995, s. 13 (w.e.f. 11995).
20. Subs. by Act 32 of 2003, s. 23, for “section 44BB or section 44BBA or section 44BBB” (w.e.f. 12004).
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1[Provided also] that] in a case where such person is required by or under any other law to get his
accounts audited 2***, it shall be sufficient compliance with the provisions of this section if such person
gets the accounts of such business or profession audited under such law before the specified date and
3[furnishes by] that date the report of the audit as required under such other law and a further report 4[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 Explanation below sub-section (2) of
section 288;
5[(ii) “specified date”, in relation to the accounts of the assessee of the previous year relevant to
an assessment year, means 6[the due date for furnishing the return of income under sub-section (1) of
section 139].]]
44AC. [Special provision for computing profits and gains from the business of trading in
certain goods.] Omitted by the Finance Act, 1992 (18 of 1992), s. 21 ( w.e.f. 11993).
7[44AD. Special provision for computing profits and gains of business on presumptive
basis.—(1) Notwithstanding anything to the contrary contained in sections 28 to 43C,in the case of an
eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or
gross receipts of the assessee in the previous year on account of such business or, as the case may be, a
sum higher than the aforesaid sum claimed to have been earned by the eligible assessee, shall be deemed
to be the profits and gains of such business chargeable to tax under the head “Profits and gains of business
or profession”.
8[Provided that this sub-section shall have effect as if for the words “eight per cent.”, the words “six
per cent.” had been substituted, in respect of the amount of total turnover or gross receipts which is
received by an account payee cheque or an account payee bank draft or use of electronic clearing system
through a bank account during the previous year or before the due date specified in sub-section (1) of
section 139 in respect of that previous year.]
(2) Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of
sub-section (1), be deemed to have been already given full effect to and no further deduction under those
sections shall be allowed:
9* * * * *
(3) The written down value of any asset of an eligible business shall be deemed to have been
calculated as if the eligible assessee had claimed and had been actually allowed the deduction in respect
of the depreciation for each of the relevant assessment years.
10[(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).
“accountant” shall have the same meaning as in the Explanation below sub-section
of
section 288;
5[
“specified date”, in relation to the accounts of the assessee of the previous year relevant to
an assessment year, means 6[the due date for furnishing the return of income under sub-section
of
section 139].]]
44AC. [Special provision for computing profits and gains from the business of trading in
certain goods.] Omitted by the Finance Act, 1992 (18 of 1992), s. 21 ( w.e.f. 11993).
7[44AD. Special provision for computing profits and gains of business on presumptive
basis.—
Notwithstanding anything to the contrary contained in sections 28 to 43C,in the case of an
eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or
gross receipts of the assessee in the previous year on account of such business or, as the case may be, a
sum higher than the aforesaid sum claimed to have been earned by the eligible assessee, shall be deemed
to be the profits and gains of such business chargeable to tax under the head “Profits and gains of business
or profession”.
8[Provided that this sub-section shall have effect as if for the words “eight per cent.”, the words “six
per cent.” had been substituted, in respect of the amount of total turnover or gross receipts which is
received by an account payee cheque or an account payee bank draft or use of electronic clearing system
through a bank account during the previous year or before the due date specified in sub-section
of
section 139 in respect of that previous year.]
Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of
sub-section
The written down value of any asset of an eligible business shall be deemed to have been
calculated as if the eligible assessee had claimed and had been actually allowed the deduction in respect
of the depreciation for each of the relevant assessment years.
10[
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