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of <h1>Finance Bill 2017 amends Income-tax Act's Section 10AA, clarifies SEZ deductions calculation from assessment year 2018-2019.</h1> Clause 7 of the Finance Bill, 2017, amends section 10AA of the Income-tax Act, which pertains to deductions for units in Special Economic Zones. The amendment introduces an Explanation effective from April 1, 2018, clarifying that deductions under this section are to be calculated from the total income before applying the section's provisions, and cannot exceed the total income of the assessee. This applies to assessment year 2018-2019 onward. The existing provision allows a deduction for fifteen years for profits from units engaged in manufacturing or services in Special Economic Zones, subject to certain conditions.
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