India - Income Tax Act 2010 - Saarc

S. 80-I I.T. ACT, 1961 1.444rights, television news software, or television software as definedin clause (d), (e), (g), (h) or (i), as the case may be, outside India;(C) expenses, if any, incurred in foreign exchange in providing thetechnical services outside India.]58[Deduction in respect of profits and gains from industrial undertakings after acertain date, etc.5980-I. (1) Where the gross total income of an assessee includes any profits andgains derived from an industrial undertaking 60 or a ship or the business ofa hotel 61 [or the business of repairs to ocean-going vessels or other poweredcraft], to which this section applies, there shall, in accordance with and subjectto the provisions of this section, be allowed, in computing the total income of theassessee, a deduction from such profits and gains of an amount equal to twentyper cent thereof :Provided that in the case of an assessee, being a company, the provisions of thissub-section shall have effect 61 [in relation to profits and gains derived from anindustrial undertaking or a ship or the business of a hotel] as if for the words“twenty per cent”, the words “twenty-five per cent” had been substituted.62[(1A) Notwithstanding anything contained in sub-section (1), in relation to anyprofits and gains derived by an assessee from—(i) an industrial undertaking which begins to manufacture or producearticles or things or to operate its cold storage plant or plants; or(ii) a ship which is first brought into use; or(iii) the business of a hotel which starts functioning,on or after the 1st day of April, 1990, 63 [but before the 1st day of April, 1991], thereshall, in accordance with and subject to the provisions of this section, be allowedin computing the total income of the assessee, a deduction from such profits andgains of an amount equal to twenty-five per cent thereof :Provided that in the case of an assessee, being a company, the provisions of thissub-section shall have effect in relation to profits and gains derived from anindustrial undertaking or a ship or the business of a hotel as if for the words“twenty-five per cent”, the words “thirty per cent” had been substituted.](2) This section applies to any industrial undertaking which fulfils all thefollowing conditions, namely :—58. Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981. Originally, provision relating topriority industries was dealt with by section 80E which was inserted by the Finance Act,1966, w.e.f. 1-4-1966. That section was omitted and in its place section 80-I was introducedby the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. Section 80-I was also omitted by theFinance Act, 1972, w.e.f. 1-4-1973.59. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.60. For the meaning of the expression “industrial undertaking”, see Taxmann’s Direct TaxesManual, Vol. 3.61. Inserted by the Finance Act, 1983, w.e.f. 1-4-1984.62. Inserted by the Finance Act, 1990, w.e.f. 1-4-1990.63. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.