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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>2017 Finance Bill amends Income-tax Act Section 10AA for SEZs, clarifying deduction timing and computation. Effective April 2018.</h1> The Finance Bill, 2017 proposes an amendment to section 10AA of the Income-tax Act, concerning deductions for units in Special Economic Zones (SEZs). The amendment introduces a new explanation to ensure that deductions are computed from the total income before applying the provisions of section 10AA, and that such deductions do not exceed the total income. This change, effective from April 1, 2018, addresses a Supreme Court ruling regarding the timing of deductions, ensuring they occur during the gross total income computation under Chapter IV, not during total income computation under Chapter VI.
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