{"act":{"id":"finance-act-2020","short_title":"The Finance Act, 2020","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.","act_number":null,"act_year":2020,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":157,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2020/"},"unit":"section","section":{"number":"37","heading":"Amendment of Section 80-IB","text":"Amendment of section 80-IB. 37. In section 80-IB of the Income-tax Act,— (a) | in sub-section (7A), in clause (b), for sub-clause (iii), the following sub-clause shall be substituted, namely:— \"(iii) | the assessee furnishes the report of audit in such form and containing such particulars, as may be prescribed, duly signed and verified by an accountant, as defined in the Explanation below sub-section (2) of section 288, before the specified date referred to in section 44AB, certifying that the deduction has been correctly claimed.\"; (b) | in sub-section (7B), in clause (b), for sub-clause (iii), the following sub-clause shall be substituted, namely:— \"(iii) | the assessee furnishes the report of audit in such form and containing such particulars, as may be prescribed, duly signed and verified by an accountant, as defined in the Explanation below sub-section (2) of section 288, before the specified date referred to in section 44AB, certifying that the deduction has been correctly claimed.\"; (c) | in sub-section (11B), for clause (iv), the following clause shall be substituted, namely:— \"(iv) | the assessee furnishes the report of audit in such form and containing such particulars, as may be prescribed, duly signed and verified by an accountant, as defined in the Explanation below sub-section (2) of section 288, before the specified date referred to in section 44AB, certifying that the deduction has been correctly claimed.\"; (d) | in sub-section (11C), for clause (iv), the following clause shall be substituted, namely:— \"(iv) | the assessee furnishes the report of audit in such form and containing such particulars, as may be prescribed, duly signed and verified by an accountant, as defined in the Explanation below sub-section (2) of section 288, before the specified date referred to in section 44AB, certifying that the deduction has been correctly claimed.\".","html":"<p><b>Amendment of section 80-IB.</b></p><p><b>37.</b> In section 80-IB of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (7A), in clause (<i>b</i>), for sub-clause (<i>iii</i>), the following sub-clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>iii</i>)</td><td></td><td>the assessee furnishes the report of audit in such form and containing such particulars, as may be prescribed, duly signed and verified by an accountant, as defined in the <i>Explanation</i> below sub-section (2) of section 288, before the specified date referred to in section 44AB, certifying that the deduction has been correctly claimed.\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (7B), in clause (<i>b</i>), for sub-clause (<i>iii</i>), the following sub-clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>iii</i>)</td><td></td><td>the assessee furnishes the report of audit in such form and containing such particulars, as may be prescribed, duly signed and verified by an accountant, as defined in the <i>Explanation</i> below sub-section (2) of section 288, before the specified date referred to in section 44AB, certifying that the deduction has been correctly claimed.\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>c</i>)</td><td></td><td>in sub-section (11B), for clause (<i>iv</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>iv</i>)</td><td></td><td>the assessee furnishes the report of audit in such form and containing such particulars, as may be prescribed, duly signed and verified by an accountant, as defined in the <i>Explanation</i> below sub-section (2) of section 288, before the specified date referred to in section 44AB, certifying that the deduction has been correctly claimed.\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>d</i>)</td><td></td><td>in sub-section (11C), for clause (<i>iv</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>iv</i>)</td><td></td><td>the assessee furnishes the report of audit in such form and containing such particulars, as may be prescribed, duly signed and verified by an accountant, as defined in the <i>Explanation</i> below sub-section (2) of section 288, before the specified date referred to in section 44AB, certifying that the deduction has been correctly claimed.\".</td></tr></table></div>","words":298,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/37/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}