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of <h1>Finance Bill 2016 amends Income-tax Act Section 80-IAB; SEZ developers lose tax deduction from April 2017.</h1> Clause 40 of the Finance Bill, 2016 amends section 80-IAB of the Income-tax Act, which allows deductions for profits and gains by enterprises developing Special Economic Zones (SEZs). Previously, developers who began SEZ development on or after April 1, 2005, were eligible for a 100% deduction on such profits. The amendment stipulates that this deduction will not apply to developers starting SEZ development on or after April 1, 2017. This change is effective from April 1, 2017, impacting the assessment year 2017-2018 and onwards.
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