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of <h1>Finance Act 2020 amends Income-tax Act Section 115BAB to exclude Section 80M deductions and clarify electricity generation inclusion.</h1> Section 115BAB of the Income-tax Act was amended by the Finance Act, 2020, to modify sub-section (2). In clause (c), sub-clause (i), the reference to deductions under Chapter VI-A was updated to exclude section 80M, in addition to section 80JJAA, effective April 1, 2021. Additionally, an Explanation was added to clarify that the 'business of manufacture or production of any article or thing' includes the generation of electricity for the purposes of clause (b).
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