Deduction under section 80HHBA phased down across assessment years and withdrawn from the assessment year beginning 1 April 2005.

The amendment phases down the income-tax deduction under section 80HHBA: forty per cent for the assessment year beginning 1 April 2001, thirty per cent for the assessment year beginning 1 April 2002, twenty per cent for the assessment year beginning 1 April 2003, ten per cent for the assessment year beginning 1 April 2004, and removes the deduction for the assessment year beginning 1 April 2005 and subsequent years; subsection (2) references are reworded to refer to the percentage specified in subsection (1) for the relevant assessment year.

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