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of <h1>Income Tax Act Section 80-I Amended: New 25% Deduction for Specified Activities, Extended Periods for Companies and Co-ops.</h1> Section 80-I of the Income-tax Act has been amended to introduce a new sub-section (1A), which allows a deduction of 25% from profits and gains derived by an assessee from specified activities, such as industrial undertakings, ships, or hotel businesses, commencing on or after April 1, 1990. For companies, this deduction is increased to 30%. Additionally, the period for certain provisions has been extended from nine to fourteen years, and for co-operative societies, from nine to eleven assessment years. The amendment also adjusts relevant dates within sub-sections to reflect these changes.
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