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of <h1>Income-tax Act's Section 80-IB updated: New profit deductions for R&D companies, extended deadlines for local authority approvals.</h1> Section 80-IB of the Income-tax Act is amended effective April 1, 2001. The dates '31st day of March, 2000' in sub-sections (3), (4), and (5) are replaced with '31st day of March, 2002.' A new sub-section (8A) is introduced, granting a 100% deduction on profits for ten years to companies engaged in scientific research and development, provided they meet specified conditions and are approved between March 31, 2000, and April 1, 2003. In sub-section (10), approvals by local authorities must occur before March 31, 2001, with certain deadlines extended to March 31, 2003.
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