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of <h1>Finance Bill 2020 Amends Section 80-IA to Mandate Earlier Audit Report Submission for Infrastructure Deduction Claims</h1> Clause 35 of the Finance Bill, 2020 amends section 80-IA of the Income-tax Act, which pertains to deductions for profits and gains from industrial undertakings or enterprises in infrastructure development. The amendment modifies sub-section (7) to require that the audit of accounts by an accountant, as defined in section 288, must be completed and the audit report furnished by the specified date in section 44AB, which is one month before the due date for filing returns under section 139. This change is effective from April 1, 2020, applicable from the assessment year 2020-2021 onwards.
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