Substitution of new Section 80AC budget 2018
For section 80AC of the Income-tax Act, the following section shall be substituted, namely:–– (Section 80AC Applicable for Assessment Year 2018-19) Deduction not to be allowed unless return furnished.
‘80AC. Where in computing the total income of an assesses of any previous year relevant to the assessment year commencing on or after––
(i) the 1st day of April, 2006 but before the 1st day of April, 2018, any deduction is admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC or section 80-ID or section 80-IE;
(ii) the 1st day of April, 2018, any deduction is admissible under any provision of this Chapter under the heading “C.—Deductions in respect of certain incomes”,
No such deduction shall be allowed to him unless he furnishes a return of his income for such assessment year on or before the due date specified under sub-section (1) of section 139.’ This burden of filing of Income Tax return on time is not casted on other taxpayers who are claiming deductions under other similar provisions .
Brief Summary of section 80-IA and section 80-IAB or section 80-IB or section 80-IC or section 80-ID or section 80-IE;
| Section 80IA | Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. (Section 80IA of Income Tax Act) |
| Section 80IAB | Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone (Section 80IAB of Income Tax Act) |
| Section 80IB | Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings (Section 80IB of Income Tax Act) |
| Section 80IC | Special provisions in respect of certain undertakings or enterprises in certain special category States (Section 80IC of Income Tax Act) |
| Section 80ID | Deduction in respect of profits and gains from business of hotels and convention centres in specified area (Section 80ID of Income Tax Act) |
| Section 80IE | Special provisions in respect of certain undertakings in North-Eastern States (Section 80IE of Income Tax Act) |
