India - Income Tax Act 2010 - Saarc

1.475 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80-IB(iii) any person representing such individual, the spouse or the minorchildren of such individual or the Hindu undivided family inwhich such individual is the karta.]66[Explanation.—For the removal of doubts, it is hereby declared that nothingcontained in this sub-section shall apply to any undertaking which executes thehousing project as a works contract awarded by any person (including theCentral or State Government).](11) Notwithstanding anything contained in clause (iii) of sub-section (2) and subsections(3), (4) and (5), the amount of deduction in a case of industrialundertaking deriving profit from the business of setting up and operating a coldchain facility for agricultural produce, shall be hundred per cent of the profitsand gains derived from such industrial undertaking for five assessment yearsbeginning with the initial assessment year and thereafter, twenty-five per cent(or thirty per cent where the assessee is a company) of the profits and gainsderived from the operation of such facility in a manner that the total period ofdeduction does not exceed ten consecutive assessment years (or twelve consecutiveassessment years where the assessee is a co-operative society) and subjectto fulfilment of the condition that it begins to operate such facility on or after the1st day of April, 1999 but before the 67 [1st day of April, 2004].68[(11A) The amount of deduction in a case of 69 [an undertaking deriving profitfrom the business of processing, preservation and packaging of fruits or vegetablesor 70 [meat and meat products or poultry or marine or dairy products or] from] theintegrated business of handling, storage and transportation of foodgrains, shallbe hundred per cent of the profits and gains derived from such undertaking forfive assessment years beginning with the initial assessment year and thereafter,twenty-five per cent (or thirty per cent where the assessee is a company) of theprofits and gains derived from the operation of such business in a manner thatthe total period of deduction does not exceed ten consecutive assessment yearsand subject to fulfilment of the condition that it begins to operate such businesson or after the 1st day of April, 2001 :]70[Provided that the provisions of this section shall not apply to an undertakingengaged in the business of processing, preservation and packaging of meat ormeat products or poultry or marine or dairy products if it begins to operate suchbusiness before the 1st day of April, 2009.]71[(11B) The amount of deduction in the case of an undertaking deriving profitsfrom the business of operating and maintaining a hospital in a rural area shall behundred per cent of the profits and gains of such business for a period of fiveconsecutive assessment years, beginning with the initial assessment year, if—(i) such hospital is constructed at any time during the period beginning onthe 1st day of October, 2004 and ending on the 31st day of March,2008;(ii) the hospital has at least one hundred beds for patients;66. Inserted by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2001.67. Substituted for “31st day of March, 2003” by the Finance Act, 2003, w.e.f. 1-4-2004.68. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.69. Substituted for “an undertaking deriving profit from” by the Finance (No. 2) Act, 2004,w.e.f. 1-4-2005.70. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.71. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.