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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Deductions Tied to Timely Filing: New Section 80AC Effective April 1, 2018, Requires On-Time Returns</h1> Clause 23 of the Finance Bill, 2018 proposes to replace section 80AC of the Income-tax Act. The new section mandates that deductions under sections 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE, as well as any deductions under Chapter VIA for assessment years starting on or after April 1, 2018, are only allowed if the income return is filed by the due date specified in section 139(1). This amendment is effective from April 1, 2018, and applies to the assessment year 2018-2019 and subsequent years.
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