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of <h1>Income-tax Act Update: Section 80MM Amended for Broader Eligibility and New Audit Requirements for Deductions</h1> Section 80MM of the Income-tax Act has been amended to include both Indian companies and residents of India, excluding companies, as eligible assessees. The term 'Central Government' is replaced with 'Board,' and deductions are subject to the section's provisions. A new proviso exempts agreements approved by the Central Government before April 1, 1972, from Board approval, with pending applications transferred to the Board. Additionally, a new sub-section (2A) requires non-company or non-cooperative society assessees to have audited accounts for deductions, with audit reports submitted with income returns.
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