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of <h1>Section 115M Income Tax Act disallowed Chapter VI-A deductions for retail traders filing statements under 115K but was omitted in 1998</h1> Section 115M of the Income Tax Act, 1961 was a special provision relating to retail trade that disallowed deductions under Chapter VI-A (except section 80L) and rebates under Chapter VIII for persons who submitted statements under section 115K(1). The provision was inserted by the Finance Act, 1992 with effect from April 1, 1993, but was subsequently omitted by the Finance Act, 1997 with effect from April 1, 1998. The section is now defunct and no longer part of the current tax legislation.
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