EXISTING PROVISION – Section 80AC.

Deduction not to be allowed unless return furnished.—Where in computing the total income of an assessee of the previous year relevant to the assessment year commencing on the 1st day of April, 2006 or any subsequent assessment year, any deduction is admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC, 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.”.

2018 BUDGET AMENDMENT

To have one principle in respect of certain incomes, it is now proposed that the scope of section 80AC shall be extended to all similar deductions which are covered in heading “C.—Deductions in respect of certain incomes” in Chapter VIA

After this amendment deduction will be available only if return is filed on or before due date .In other words below deduction is not allowed if return is not filed on or before due date

Deductions which are covered in heading “C.—Deductions in respect of certain incomes” in Chapter VIA are –

Part C. – Deductions in respect of certain incomes
Section 80H Deduction in case of new industrial undertakings employing displaced persons, etc.
Section 80HH Deduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas
Section 80HHA Deduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areas
Section 80HHB Deduction in respect of profits and gains from projects outside India
Section 80HHBA Deduction in respect of profits and gains from housing projects in certain cases
Section 80HHC Deduction in respect of profits retained for export business
Section 80HHD Deduction in respect of earnings in convertible foreign exchange
Section 80HHE Deduction in respect of profits from export of computer software, etc.
Section 80HHF Deduction in respect of profits and gains from export or transfer of film software, etc.
Section 80I Deduction in respect of profits and gains from industrial undertakings after a certain date, etc.
Section 80IA Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.
Section 80IAB Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone
Section 80IAC Special provision in respect of specified business.
Section 80IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings
Section 80IBA Deductions in respect of profits and gains from housing projects.
Section 80IC Special provisions in respect of certain undertakings or enterprises in certain special category States
Section 80ID Deduction in respect of profits and gains from business of hotels and convention centres in specified area
Section 80IE Special provisions in respect of certain undertakings in North-Eastern States
Section 80JJA Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste
Section 80JJAA Deduction in respect of employment of new employees
Section 80LA Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre
Section 80O Deduction in respect of royalties, etc., from certain foreign enterprises
Section 80P Deduction in respect of income of co-operative societies
Section 80Q Deduction in respect of profits and gains from the business of publication of books
Section 80QQA Deduction in respect of professional income of authors of text books in Indian languages
Section 80QQB Deduction in respect of royalty income, etc., of authors of certain books other than text-books
Section 80R Deduction in respect of remuneration from certain foreign sources in the case of professors, teachers, etc.
Section 80RR Deduction in respect of professional income from foreign sources in certain cases
Section 80RRA Deduction in respect of remuneration received for services rendered outside India
Section 80RRB Deduction in respect of royalty on patents

In Respect of above Sections deductions will not be permitted if Income Tax Return is not filed within the time permitted U/s. 139(1) of Income Tax Act,1961 for Assessment Year 2018-19 and Onwards.

(Author can be reached at Subiin54@rediffmail.com)

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