Amendment of section 80-IA

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....words, brackets and letters "or clause (vi)" shall be omitted with effect from the 1st day of April, 2010; (c) in sub-section (4),— (A) in clause (iv), for the words, figures and letters "the 31st day of March, 2010" wherever they occur, the words, figures and letters "31st day of March, 2011" shall respectively be substituted; (B) in clause (v), in sub-clause (b), for the figures, lett....

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....taking or enterprise referred to in sub-section (1).". - Clause 36 of the Bill seeks to amend section 80-IA of the Incometax Act relating to deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. Under the existing provisions contained in the clause (iv) of subsection (4) of said section a deduction is allowed to an un....

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.... amendments will take effect retrospectively from 1st April, 2009. It is further proposed to amend sub-clause (b) of clause (v) of sub-section (4) of said section which provides that an undertaking owned by an Indian company and set up for reconstruction or revival of a power generating plant, if such undertaking begins to generate or transmit or distribute power before 31^st March, 2008 are el....

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....e.This amendment will take effect from 1^st April, 2010 and will, accordingly, apply in relation to assessment year 2010-2011 and subsequent assessment years. It is also proposed to amend the Explanation to said section to clarify that nothing contained in the said section shall apply in relation to a business referred to in sub-section (4) which is in the nature of a works contract awarded by ....