India - Income Tax Act 2010 - Saarc

S. 80-IB I.T. ACT, 1961 1.468a co-operative society) subject to fulfilment of the condition that it begins tomanufacture or produce articles or things or to operate its cold storage plant orplants during the period beginning on the 1st day of April, 1993 and ending on the31st day of March, 42 [2004] :Provided further that in the case of such industries in the North-Eastern Region,as may be notified 43 by the Central Government, the amount of deduction shallbe hundred per cent of profits and gains for a period of ten assessment years, andthe total period of deduction shall in such a case not exceed ten assessmentyears :44[Provided also that no deduction under this sub-section shall be allowed for theassessment year beginning on the 1st day of April, 2004 or any subsequent yearto any undertaking or enterprise referred to in sub-section (2) of section 80-IC:]45[Provided also that in the case of an industrial undertaking in the State ofJammu and Kashmir, the provisions of the first proviso shall have effect as if forthe figures, letters and words “31st day of March, 2004”, the figures, letters andwords “31st day of March, 46 [2012]” had been substituted :Provided also that no deduction under this sub-section shall be allowed to anindustrial undertaking in the State of Jammu and Kashmir which is engaged inthe manufacture or production of any article or thing specified in Part C of theThirteenth Schedule.](5) The amount of deduction in the case of an industrial undertaking located insuch industrially backward districts as the Central Government may, havingregard to the prescribed guidelines 47 , by notification 48 in the Official Gazette,specify in this behalf as industrially backward district of category ‘A’ or anindustrially backward district of category ‘B’ shall be,—(i) hundred per cent of the profits and gains derived from an industrialundertaking located in a backward district of category ‘A’ for fiveassessment years beginning with the initial assessment year andthereafter, twenty-five per cent (or thirty per cent where the assesseeis a company) of the profits and gains of an industrial undertaking :Provided that the total period of deduction shall not exceed tenconsecutive assessment years or where the assessee is a co-operativesociety, twelve consecutive assessment years :Provided further that the industrial undertaking begins to manufactureor produce articles or things or to operate its cold storage42. Substituted for “2002” by the Finance Act, 2002, w.e.f. 1-4-2003. Earlier “2002” wassubstituted for “2000” by the Finance Act, 2000, w.e.f. 1-4-2001.43. For notified industries, see Taxmann’s Master Guide to Income-tax Act.44. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.45. Fourth and fifth provisos inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.46. Substituted for “2007” by the Finance Act, 2007, w.e.f. 1-4-2008. Earlier “2007” wassubstituted for “2005” by the Finance Act, 2005, w.e.f. 1-4-2006.47. See rule 11EA and Appendix III of Income-tax Rules.48. For notified industrially backward districts, see Taxmann’s Master Guide to Income-taxAct.