26 August 2020
Dear sir, i have one doubt regarding sec 115BAA of income tax act 1961. If we select this new scheme whether sec 80G (donations) deduction is available or not for f.y 2019-20 and f.y 2020-21. In this provision chapter VIA deductions chapter-C headings list is not allowed as deduction except 80jjaa.
27 August 2020
Dear sir, Thank u for your previous reply, and in sec 115BAA total income of company will be computed with out any deductions under provisions of chapter VIA under the heading "C-Deductions in respect of certain incomes" other than the provisions of Sec 80JJAA. But in finance act 2020 the words "C-Deductions in respect of certain incomes" other than the provisions of Sec 80JJAA "the words figures and letters "Chapter VI-A other than provisions of sec 80JJAA or Sec 80M shall be substituted w.e.f from 01-04-2021. (here i think 2021 means A.Y 20221-2022).
Please reply me sir. Thanks in advance. Regards, Bheema Reddy.
CAclubindia
