Tax on income of certain domestic companies.

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....n 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 loss carried forward or depreciation from any earli....

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....ciation 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 Unit subject to fulfilment of the conditions contained in that se....