Amendment of section 44AB

Section 14 of the Finance Act, 1988 deals with amendment of section 44AB. Amendment of section 44AB 14. In section 44AB of the Income-tax Act, with effect from the 1st day of April, 1989 — (a) in clauses (a) and (b), the words, figures and letters "or years relevant to the assessment year commencing on the 1st day of April, 1985, or any subsequent assessment year" shall b

Amendment of section 44AB

14. In section 44AB of the Income-tax Act, with effect from the 1st day of April, 1989 —

(a) in clauses (a) and (b), the words, figures and letters "or years relevant to the assessment year commencing on the 1st day of April, 1985, or any subsequent assessment year" shall be omitted;

(b) for the words "such previous year or years", the words "such previous year" shall be substituted;

(c) In the Explanation, for clause (ii), the following clause shall be substituted, namely:—

'(ii) "specified date", in relation to the accounts of the previous year relevant to an assessment year means,—

(a) where the assessee is a company, the 31st day of December of the assessment year;

(b) in any other case, the 31st day of October of the assessment year.'.

[Finance Act, 1988]

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Section 14, The Finance Act, 1988 (Act 26 of 1988).