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<h1>Finance Act 2017 Amends Income-tax Act: Extends Timeline, Redefines 'Carpet Area,' Updates Development Standards under Section 80-IBA.</h1> Section 80-IBA of the Income-tax Act, as amended by the Finance Act, 2017, effective from April 1, 2018, includes several changes. The timeline in sub-section (2), clause (b) is extended from three to five years. The term 'built-up area' in clauses (c) and (f) is replaced with 'carpet area,' and references to distances from municipal limits are removed. Additionally, sub-section (6), clause (a) redefines 'carpet area' as per the Real Estate (Regulation and Development) Act, 2016.