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of <h1>Amendments to Section 80HHD: Income Tax Act Updates Equity Share Rules, Defines 'Competent Authority' & 'Eligible Capital'</h1> Section 80HHD of the Income-tax Act has been amended by the Finance Act, 1999. Effective June 1, 1999, sub-section (2) replaces certain wording with 'within such further period as the competent authority may allow,' defining 'competent authority' as the Reserve Bank of India or other authorized bodies. Sub-section (2A) and (6) are revised to 'Explanation 1.' From April 1, 2000, sub-section (4) includes a new clause for equity share subscriptions, and sub-section (5A) addresses the treatment of profits from transferred or converted equity shares within three years. An 'eligible issue of capital' is defined for public companies in India, focusing on new hotels and tourism facilities.
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