Clause 6 - Amendment of section 35AD. - Finance Bill, 2011

6 . In section 35AD of the Income-tax Act, (a) in sub-section (5), with effect from the 1st day of April, 2012, (i) in clause (ac), the word "and" occurring at the end shall be omitted; (ii) after clause (ac), the following clauses shall be inserted, namely: "(ad) on or after the 1st day of April, 2011, where the specified business is in the nature of developing and building a housing project under a scheme for affordable housing framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as may be prescribed; (ae) on or after the 1st day of April, 2011, in a new plant or in a newly installed capacity in an existing plant for production of fertilizer; and"; (iii) in clause (b), for the words, brackets and letters "and clause (ac)", the words, brackets and letters "clause (ac), clause (ad) and clause (ae)" shall be substituted; (b) in sub-section (8), in clause (c), (i) in sub-clause (iv), for the words "new hotel", the word "hotel" shall be substituted; (ii) in sub-clause (v), for the words "new hospital", the word "hospital" shall be substituted; (iii) after sub-clause (vi), the following sub-clauses shall be inserted with effect from the 1st day of April, 2012, namely: "(vii) developing and building a housing project under a scheme for affordable housing framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as may be prescribed; (viii) production of fertilizer in India;".