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of <h1>New Finance Act 1999: Section 80-IA Deductions for Infrastructure Businesses, 100% for 5 Years, Conditions Apply.</h1> The Finance Act of 1999 introduces new sections replacing Section 80-IA of the Income-tax Act, effective April 1, 2000. It provides deductions for profits from industrial undertakings or enterprises engaged in infrastructure development. Eligible businesses can claim 100% deduction for the first five years and 25% (30% for companies) for the next five years. This applies to businesses involved in infrastructure, telecommunication, industrial parks, and power generation, among others. The Act sets conditions for eligibility, including not forming from existing businesses and not using previously utilized machinery. It also outlines provisions for amalgamations, mergers, and specific deductions for backward regions and industries.
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