Section 33 - Amendment of section 54GB. - Finance Act, 2016

Amendment of section 54GB. 33. In section 54GB of the Income-tax Act, with effect from the 1st day of April, 2017,- (a) after sub-section (5), the following proviso shall be inserted, namely:- Provided that in case of an investment in eligible start-up, the provisions of this sub-section shall have the effect as if for the figures, letters and words 31st day of March, 2017 , the figures, letters and words 31st day of March, 2019 had been substituted; ; (b) in sub-section (6),- (i) in clause (b),- (A) in sub-clause (ii), after the words an article or a thing , the words or in an eligible business shall be inserted; (B) in sub-clause (iv), after the words and figures Micro, Small and Medium Enterprises Act, 2006 , (27 of 2006) the words or is an eligible start-up shall be inserted; (ii) after clause (b), the following clause shall be inserted, namely:- (ba) eligible start-up and eligible business shall have the meanings respectively assigned to them in Explanation below sub-section (4) of section 80-IAC. ; (iii) after clause (d), the following proviso shall be inserted, namely:- Provided that in the case of an eligible start-up, being a technology driven start-up so certified by the Inter-Ministerial Board of Certification notified by the Central Government in the Official Gazette, the new asset shall include computers or computer software. .