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of <h1>Section 80-IA: Tax Deductions for Profits from Eligible Industrial Undertakings, Hotels, and Ships under Specific Conditions.</h1> Section 80-IA of the Income-tax Act, introduced by the Finance (No. 2) Act, 1991, provides deductions for profits from eligible businesses, including industrial undertakings, hotels, and ships. Eligibility requires the business not to be formed by splitting or reconstructing existing businesses, nor using previously used machinery. Specific conditions apply to industrial undertakings, ships, and hotels regarding formation, location, and operation periods. Deductions range from 25% to 50% of profits, depending on the business type, and apply for a specified number of assessment years. Compliance includes audit requirements and market value considerations for inter-business transfers.
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