Clause 26 - Amendment of section 80-IAC. - Finance Bill, 2018

26. Amendment of section 80-IAC. In section 80-IAC of the Income-tax Act, in the Explanation below sub-section (4), (a) for clause (i), the following clause shall be substituted, namely: (i) eligible business means a business carried out by an eligible start up engaged in innovation, development or improvement of products or processes or services or a scalable business model with a high potential of employment generation or wealth creation; ; (b) in clause (ii), (i) in sub-clause (a), for the figures 2019 , the figures 2021 shall be substituted; (ii) in sub-clause (b), for the words, figures and letters previous years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021 , the words seven previous years beginning from the year in which it is incorporated shall be substituted.