Amendment of Section 44ad
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.