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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2020 amends Section 80-IB: Audit Report Required for Tax Deduction Claims, Signed by Accountant under Section 288.</h1> Section 80-IB of the Income-tax Act has been amended by the Finance Act, 2020. The amendments involve changes to sub-sections (7A), (7B), (11B), and (11C), specifically replacing certain clauses to require that the assessee furnishes an audit report in a prescribed form. This report must be signed and verified by an accountant, as defined under section 288, and submitted before the specified date in section 44AB. The report must certify that the claimed deduction is correct. These changes ensure compliance with audit requirements for claiming tax deductions.
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