Finance Bill 2020 amends section 115JC of Income-tax Act; new accountant report requirement for non-corporate entities.
Clause 57 of the Finance Bill, 2020, amends section 115JC of the Income-tax Act concerning alternate minimum tax for non-corporate entities. The amendment modifies sub-section (3) to require a report from an accountant certifying adjusted total income and alternate minimum tax, to be filed before the specified date in section 44AB, effective from April 1, 2020, for the 2020-2021 assessment year onward. Additionally, a new sub-section (5) exempts individuals opting for sections 115BAC or 115BAD from these provisions, effective April 1, 2021, applicable from the 2021-2022 assessment year onward.
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