TaxTMI 
TaxTMI 
Insertion of new section 80-IAC- Special provision in respect of specified business.
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.... '80-IAC. (1) Where the gross total income of an assessee, being an eligible start-up, includes any profits and gains derived from eligible business, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to one hundred per cent. of the profits and gains derived from such busin....
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....ion; (ii) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose. Explanation 1.- For the purposes of this clause, any machinery or plant which was used outside India by any person other than the assessee shall not be regarded as machinery or plant previously used for any purpose, if all the following conditions are fulfilled, namely:- ....
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....hen, for the purposes of clause (ii) of this sub-section, the condition specified therein shall be deemed to have been complied with. (4) The provisions of sub-section (5) and sub-sections (7) to (11) of section 80-IA shall apply to the start-ups for the purpose of allowing deductions under sub-section (1). Explanation.-For the purposes of this section,- (i) "eligible business" means a bu....
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....to insert a new section 80-IAC in the Income-tax Act relating to Special provisions in respect of specified business. It is proposed to amend the Income-tax Act so as to provide a deduction of one hundred per cent. of the profits and gains derived by an eligible start-up from a business involving innovation, development, deployment or commercialisation of new products, processes or services dri....