India - Income Tax Act 2010 - Saarc

1.457 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80-IAdeduction of an amount equal to hundred per cent of the profits and gainsderived from such business for ten consecutive assessment years.](2) The deduction specified in sub-section (1) may, at the option of the assessee,be claimed by him for any ten consecutive assessment years out of fifteen yearsbeginning from the year in which the undertaking or the enterprise develops andbegins to operate any infrastructure facility or starts providing telecommunicationservice or develops an industrial park 84 [or develops 85 [***] a special economiczone referred to in clause (iii) of sub-section (4)] or generates power or commencestransmission or distribution of power 86 [or undertakes substantialrenovation and modernisation of the existing transmission or distribution lines87[ 88 [***]]] :89[Provided that where the assessee develops or operates and maintains ordevelops, operates and maintains any infrastructure facility referred to in clause(a) or clause (b) or clause (c) of the Explanation to clause (i) of sub-section (4),the provisions of this sub-section shall have effect as if for the words “fifteenyears”, the words “twenty years” had been substituted.]90[(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2),the deduction in computing the total income of an undertaking providingtelecommunication services, specified in clause (ii) of sub-section (4), shall behundred per cent of the profits and gains of the eligible business for the first fiveassessment years commencing at any time during the periods as specified in subsection(2) and thereafter, thirty per cent of such profits and gains for further fiveassessment years.](3) This section applies to 91 [an 92 [undertaking] referred to in 93 [clause (ii) or]clause (iv) 94 [ 95 [***]] of sub-section (4)] which fulfils all the following conditions,namely :—(Contd. from p. 1.456)Provided that where the assessee is a company, the provisions of this sub-section shallhave effect as if for the words “twenty-five per cent”, the words “thirty per cent” had beensubstituted.’84. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.85. Words “or develops and operates or maintains and operates” omitted by the Finance Act,2003, w.r.e.f. 1-4-2002.86. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.87. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008.88. Words “or lays and begins to operate a cross-country natural gas distribution network”omitted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.89. Substituted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to its substitution, proviso readas under :‘Provided that where the assessee begins operating and maintaining any infrastructurefacility referred to in clause (b) of Explanation to clause (i) of sub-section (4), the provisionsof this sub-section shall have effect as if for the words “fifteen years”, the words “twentyyears” had been substituted.’90. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001.91. Substituted for “any industrial undertaking” by the Finance Act, 2000, w.e.f. 1-4-2000.92. Substituted for “industrial undertaking” by the Finance Act, 2001, w.e.f. 1-4-2002.93. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.94. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008.95. Words “or clause (vi)” omitted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.