Section 44AC was a special provision for computing profits and gains from the business of trading in certain goods. It has been omitted, and only the bracketed note stands in the Act.
Operative consequences
No profits can be computed under this section for any assessment year after the omission took effect.
The Income-tax Act, 2025 contains no corresponding provision.
Status
The section is not operative for AY 2026-27. The Act reads: “[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]” The Finance Act, 2026 does not amend this section.
The 1961 Act governs AY 2026-27 and earlier assessment years; the Income-tax Act, 2025 governs tax year 2026-27 onwards. For this subject there is no provision in the Income-tax Act, 2025.
Function in the statutory architecture
Section 44AC was a special provision for computing profits and gains from the business of trading in certain goods. It has been omitted, and only the bracketed note stands in the Act.
Operative consequences
Status
The section is not operative for AY 2026-27. The Act reads: “[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]” The Finance Act, 2026 does not amend this section.
The 1961 Act governs AY 2026-27 and earlier assessment years; the Income-tax Act, 2025 governs tax year 2026-27 onwards. For this subject there is no provision in the Income-tax Act, 2025.