Tax on income of certain domestic companies.

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....22%, at the option of a person being a domestic company, in respect of the total income of such person computed in the following manner:-- (a) without any deduction under-- (i) sections 45(2)(c) and 47(1)(b); or (ii) Chapter VIII other than the provisions of section 146; or (iii) sections specified in section 205(1)(a) to (g); (b) without set off of any....

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.... full effect to and no further deduction for such loss or depreciation shall be allowed for any subsequent year. (4) In case of a person, having a Unit in the International Financial Services Centre, which has exercised option under sub-section (5), the requirements contained in sub-section (1) shall be modified to the extent that the deduction under the said section shall be available to such ....