India - Income Tax Act 2010 - Saarc

S. 80-IA I.T. ACT, 1961 1.456(Contd. from p. 1.455)(4) in the case of an undertaking referred to in sub-section (4C) means theassessment year relevant to the previous year in which the undertaking startsto provide the telecommunication services whether basic or cellular includingradio-paging and domestic satellite service;(5) in the case of an undertaking operating an industrial park referred to in subsection(4D) means the assessment year relevant to the previous year inwhich the undertaking starts operating such industrial park notified for thepurposes of the said sub-section;(6) in the case of an undertaking engaged in the business of commercialproduction or refining of mineral oil referred to in sub-section (4E) means theassessment year relevant to the previous year in which the undertakingcommences the commercial production of mineral oil;(ca) “infrastructure facility” means—(i) a road, bridge, airport, port, inland waterways and inland ports, rail systemor any other public facility of a similar nature as may be notified by the Boardin this behalf in the Official Gazette;(ii) a highway project including housing or other activities being an integral partof the highway project; and(iii) a water supply project, irrigation project, sanitation and sewerage system;(d) “place of pilgrimage” means a place where any temple, mosque, gurdwara, church orother place of public worship of renown throughout any State or States is situated;(e) “rural area” means any area other than—(i) an area which is comprised within the jurisdiction of a municipality (whetherknown as a municipality, municipal corporation, notified area committee,town area committee or by any other name) or a cantonment board andwhich has a population of not less than ten thousand according to thepreceding census of which relevant figures have been published before thefirst day of the previous year; or(ii) an area within such distance not being more than fifteen kilometres from thelocal limits of any municipality or cantonment board referred to in subclause(i), as the Central Government may, having regard to the stage ofdevelopment of such area (including the extent of, and scope for, urbanisationof such area) and other relevant considerations specify in this behalf bynotification in the Official Gazette;(f) “small-scale industrial undertaking” means an industrial undertaking which is, ason the last day of the previous year, regarded as a small-scale industrial undertakingunder section 11B of the Industries (Development and Regulation) Act, 1951 (65 of1951);(g) “North Eastern Region” means the region comprising of the States of ArunachalPradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura.’82. See Circular No. 7/2002, dated 26-8-2002, Circular No. 10/2005, dated 16-12-2005 andCircular No. 1/2006, dated 12-1-2006. For details, see Taxmann’s Master Guide to IncometaxAct.83. Substituted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to its substitution, sub-section(1) read as under :‘(1) Where the gross total income of an assessee includes any profits and gains derivedfrom any business of an industrial undertaking or an enterprise referred to in sub-section(4) (such business being hereinafter referred to as the eligible business), there shall, inaccordance with and subject to the provisions of this section, be allowed, in computing thetotal income of the assessee, a deduction from such profits and gains of an amount equalto hundred per cent of profits and gains derived from such business for the first fiveassessment years commencing at any time during the periods as specified in sub-section(2) and thereafter, twenty-five per cent of the profits and gains for further five assessmentyears:(Contd. on p. 1.457)