TaxTMI 
TaxTMI 
Extension of the sunset date under section 80-IA for the power sector - THE FINANCE (No. 2) BILL, 2014
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....xtension of the sunset date under section 80-IA for the power sector - THE FINANCE (No. 2) BILL, 2014 <br>News and Press Release<br>Dated:- 13-7-2014<br><BR>Extension of the sunset date under section ....
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....80-IA for the power sector Under the existing provisions of clause (iv) of sub-section (4) of section 80-IA of the Income-tax Act, a deduction of profits and gains is allowed to an undertaking which....
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....,-- (a) is set up for the generation and distribution of power if it begins to generate power at any time during the period beginning on 1st April, 1993 and ending on 31st March, 2014; (b) starts ....
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....transmission or distribution by laying a network of new transmission or distribution lines at any time during the period beginning on 1st April, 1999 and ending on 31st March, 2014; (c) undertakes s....
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....ubstantial renovation and modernization of existing network of transmission or distribution lines at any time during the period beginning on 1st April, 2004 and ending on 31st March, 2014. With a vi....
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....ew to provide further time to the undertakings to commence the eligible activity to avail the tax incentive, it is proposed to amend the above provisions to extend the terminal date for a further peri....
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....od up to 31st March, 2017 i.e. till the end of the 12th Five Year Plan. These amendments will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16....
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.... and subsequent assessment years. [Clause 30]<BR> News - Press release - PIB....