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of <h1>Amendment to Income-tax Act: Section 54ED updated; no deductions allowed under sections 88 or 80C for specified periods.</h1> Section 54ED of the Income-tax Act is amended to replace sub-section (3) with a new provision effective from April 1, 2006. This amendment specifies that if the cost of specified equity shares is considered under sub-section (1), no deduction related to this cost will be allowed under section 88 for assessment years ending before April 1, 2006. Additionally, no deduction will be permitted under section 80C for assessment years beginning on or after April 1, 2006.
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