Amendment of section 32AB.

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..... te shall be substituted. - Clause 14 of the Bill seeks to amend section 32AB of the Income-tax Act relating to investment deposit account. Sub-section (5) of the said section provides that deduction under sub-section (1) shall not be admissible to assessee unless the accounts of the business or profession of the assessee for the previous year relevant to the assessment year for which the deduction .....

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..... tion (1) of section 139) and the report of such audit is furnished by that date. This amendment will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-2021 and subsequent assessment years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - t .....

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