The Finance Bill 2018 has proposed an amendment to Section 80AC which includes the deductions available to the tax payer under Chapter VIA.

This amendment has created a widespread confusion that the entire deduction allowed under Chapter VIA which includes the deduction for certain payments made covered under Section 80C to Section 80GGC like Investment in PF, Life Insurance Premium paid etc. shall be disallowed if the return of income is not filed within the due date.

Let us understand the factual position to clear this ambiguity.

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BUDGET 2018 HIGHLIGHTS

Finance Minister, Mr. Arun Jaitley rises at 11.03 a.m. to present the fifth and last full Union Budget of the present Government.

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