India - Income Tax Act 2010 - Saarc

S. 80-ID I.T. ACT, 1961 1.482(v) “Initial assessment year” means the assessment year relevant to theprevious year in which the undertaking or the enterprise begins tomanufacture or produce articles or things, or commences operationor completes substantial expansion;(vi) “Integrated Infrastructure Development Centre” means such centres,which the Board, may, by notification in the Official Gazette, specifyin accordance with the scheme framed and notified by the CentralGovernment;(vii) “North-Eastern States” means the States of Arunachal Pradesh, Assam,Manipur, Meghalaya, Mizoram, Nagaland and Tripura;(viii) “Software Technology Park” means any park set up in accordancewith the Software Technology Park Scheme notified by the Governmentof India in the Ministry of Commerce and Industry;(ix) “substantial expansion” means increase in the investment in the plantand machinery by at least fifty per cent of the book value of plant andmachinery (before taking depreciation in any year), as on the first dayof the previous year in which the substantial expansion is undertaken;(x) “Theme Park” means such parks, which the Board, may, by notificationin the Official Gazette, specify in accordance with the schemeframed and notified by the Central Government.]95[Deduction in respect of profits and gains from business of hotels and conventioncentres in specified area.80-ID. (1) Where the gross total income of an assessee includes any profits andgains derived by an undertaking from any business referred to in subsection(2) (such business being hereinafter referred to as the eligible business),there shall, in accordance with and subject to the provisions of this section, beallowed, in computing the total income of the assessee, a deduction of an amountequal to hundred per cent of the profits and gains derived from such business forfive consecutive assessment years beginning from the initial assessment year.(2) This section applies to any undertaking,—(i) engaged in the business of hotel located in the specified area, if suchhotel is constructed and has started or starts functioning at any timeduring the period beginning on the 1st day of April, 2007 and endingon 95a [the 31st day of March, 2010]; or(ii) engaged in the business of building, owning and operating a conventioncentre, located in the specified area, if such convention centre isconstructed at any time during the period beginning on the 1st day ofApril, 2007 and ending on 95a [the 31st day of March, 2010]; 96 [or]97[(iii) engaged in the business of hotel located in the specified district havinga World Heritage Site, if such hotel is constructed and has started orstarts functioning at any time during the period beginning on the 1stday of April, 2008 and ending on the 31st day of March, 2013.]95. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008.95a. Words “the 31st day of July, 2010” shall be substituted for words “the 31st day of March,2010” by the Finance Act, 2010, w.e.f. 1-4-2011.96. Word “or” should be inserted in view of insertion of clause (iii) of sub-section (2) of section80-ID.97. Inserted by the Finance Act, 2008, w.e.f. 1-4-2009.