Clause 23 - Amendment of section 44AB. - Finance Bill, 2020

Amendment of section 44AB. 23. In section 44AB of the Income-tax Act, (A ) in clause (a ), (i ) the word or occurring at the end shall be omitted; (ii ) the following proviso shall be inserted, namely: 'Provided that in the case of a person whose (a ) aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent. of the said amount; and (b ) aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent. of the said payment, this clause shall have effect as if for the words one crore rupees , the words five crore rupees had been substituted; or'; (B ) in the Explanation, in clause (ii ), after the word means , the words date one month prior to shall be inserted.