Amendment to Section 80JJAA: New Deadline for Accountant Report Submission Before Filing Income Tax Return

Clause 39 of the Finance Bill, 2020 amends section 80JJAA of the Income-tax Act, which pertains to deductions for employing new employees. Previously, the deduction required the report of the accountant to be submitted with the income return. The amendment stipulates that this report must be furnished before the specified date in section 44AB, one month prior to the due date for filing the return under section 139(1). This change is effective from April 1, 2020, applicable to the assessment year 2020-2021 and onwards.

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