Section 80AC of Income Tax Act for AY 2023-24

Section 80AC of Income Tax Act 1961 amended by Finance Act 2022 and Income-tax Rules. Deduction not to be allowed unless return furnished.

Amended and updated notes on section 80AC of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to deduction not to be allowed unless return furnished.

Chapter VIA (Sections 80A to 80U) of the Income Tax Act 1961 deals with the provisions related to deductions to be made in computing total income. Section 80AC of IT Act 1961-2023 provides for deduction not to be allowed unless return furnished.

Recently, we have discussed in detail section 80AB (deductions to be made with reference to the income included in the gross total income) of IT Act 1961. Today, we learn the provisions of section 80AC of Income-tax Act 1961. The amended provision of section 80AC is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 80AC of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.

Section-80AC: Deduction not to be allowed unless return furnished

Where in computing the total income of an assessee of any previous year relevant to the assessment year commencing on or after—

  • (i) the 1st day of April, 2006 but before the 1st day of April, 2018, any deduction is admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC or section 80-ID or section 80-IE;
  • (ii) the 1st day of April, 2018, any deduction is admissible under any provision of this Chapter under the heading “C.—Deductions in respect of certain incomes”,
  • no such deduction shall be allowed to him unless he furnishes a return of his income for such assessment year on or before the due date specified under sub-section (1) of section 139.


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