Tax deduction for eligible businesses extended under amended section eighty IA, adding phased telecom concessions and broader infrastructure definitions. Substituted sub-section (1) allows a full deduction of profits and gains from an eligible business for a prescribed consecutive period of assessment years. Sub-section (2) proviso is amended to extend the period for undertakings that develop or operate and maintain specified infrastructure facilities. New sub-section (2A) provides a phased deduction regime for telecommunication service providers, with an initially higher deduction for an initial block of assessment years followed by a lower deduction for a subsequent block. The term 'industrial undertaking' is replaced by 'undertaking' and the Explanation to clause (i) defines qualifying infrastructure facilities; 'goods' is expanded to 'goods or services' with market value defined.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax deduction for eligible businesses extended under amended section eighty IA, adding phased telecom concessions and broader infrastructure definitions.
Substituted sub-section (1) allows a full deduction of profits and gains from an eligible business for a prescribed consecutive period of assessment years. Sub-section (2) proviso is amended to extend the period for undertakings that develop or operate and maintain specified infrastructure facilities. New sub-section (2A) provides a phased deduction regime for telecommunication service providers, with an initially higher deduction for an initial block of assessment years followed by a lower deduction for a subsequent block. The term "industrial undertaking" is replaced by "undertaking" and the Explanation to clause (i) defines qualifying infrastructure facilities; "goods" is expanded to "goods or services" with market value defined.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
