Deduction under section 35AC suspended for future assessment years, removing taxpayer eligibility to claim this deduction. The amendment inserts a provision that no deduction under section 35AC shall be allowed in respect of any assessment year commencing on or after the 1st ... Summary
Deduction under section 35AC suspended for future assessment years, removing taxpayer eligibility to claim this deduction.
The amendment inserts a provision that no deduction under section 35AC shall be allowed in respect of any assessment year commencing on or after the 1st day of April, 2018, with the insertion given effect from the 1st day of April, 2017, thereby removing availability of the deduction for taxpayers for those assessment years.
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