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of <h1>Finance Act 2001 Amends Section 80-IB: Tax Deduction for Food Grain Storage Businesses Starting April 1, 2001, for 10 Years</h1> The Finance Act, 2001 amends section 80-IB of the Income-tax Act, effective April 1, 2002. It modifies sub-section (1) to include reference to a new sub-section (11A). Sub-section (11A) provides a 100% tax deduction for profits from the integrated business of handling, storage, and transportation of food grains for five years from the initial assessment year, then 25% or 30% for companies, for up to ten consecutive years, provided the business began on or after April 1, 2001. Additionally, sub-section (14) is amended to define the relevant assessment year for such businesses.
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