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of <h1>Amendment to Section 10AA: New Conditions for Units in Special Economic Zones from April 1, 2006, Onwards</h1> Section 10AA of the Income-tax Act has been amended to specify conditions for undertakings in Special Economic Zones. The section applies to units that start manufacturing, producing, or providing services in the relevant assessment year beginning on or after April 1, 2006. The unit must not be formed by splitting or reconstructing an existing business, except in cases of re-establishment under section 33B. Additionally, the unit should not involve the transfer of previously used machinery or plant to a new business. Explanations 1 and 2 of section 80-1A(3) apply to these provisions.
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