Amendment of Section 80-IB

Section 37 of the Finance Act, 2020 deals with amendment of Section 80-IB. 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

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.".

Section 37, The Finance Act, 2020.