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of <h1>Finance Act 2008 amends Income-tax Act Section 40, revising tax deduction timelines and omitting sub-clause (ib).</h1> Section 40 of the Income-tax Act has been amended by the Finance Act, 2008. The amendment revises sub-clause (ia) to specify that if tax was deductible and deducted in the last month of the previous year, it must be paid by the due date under section 139(1); otherwise, it must be paid by the last day of the previous year. The amendment also updates the proviso to allow deductions for taxes deducted in a subsequent year or paid after the due date. Additionally, sub-clause (ib) is omitted effective April 1, 2009.
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