Deduction for profits from eligible business grants targeted tax relief for qualifying industrial undertakings, hotels and ships.

Section 80 IA provides a tax deduction on profits and gains from qualifying industrial undertakings, hotels and ship operations (the "eligible business") subject to specified eligibility conditions, commencement periods, minimum employment and ownership requirements, prescribed approval for hotels, and exceptions for previously used machinery. It sets differential deduction percentages and tenures, requires that the eligible business be treated as the sole income source for computing successive year deductions, mandates audit and submission of audit reports for non company claimants, and includes valuation and related party safeguards plus a governmental power to exclude classes of undertakings by notification.

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