Tax deduction for integrated food-grains enterprises: full initial relief for limited years then reduced deduction thereafter.

The amendment inserts a provision granting undertakings engaged in the integrated business of handling, storage and transportation of food grains a full deduction of profits and gains for an initial five assessment years and thereafter a reduced deduction (higher for companies), so that the total deduction period does not exceed ten consecutive assessment years, provided the undertaking begins such business on or after 1 April 2001; it also defines the initial assessment year as the assessment year relevant to the previous year in which the undertaking begins such business.

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