Section 39 - Amendment of section 80-IB - Finance Act, 2000

39. Amendment of section 80-IB In section 80-IB of the Income-tax Act, with effect from the 1st day of April, 2001,- (a) in sub-section (3), in clause (ii), for the figures, letters and words 31st day of March, 2000 , the figures, letters and words 31st day of March, 2002 shall be substituted; (b) in sub-section (4), in the first proviso, for the figures, letters and words 31st day of March, 2000 , the figures, letters and words 31st day of March, 2002 shall be substituted; (c) in sub-section (5), in the second proviso to clauses (i) and (ii), for the figures, letters and words 31st day of March, 2000 , the figures, letters and words 31st day of March, 2002 shall be substituted; (d) after sub-section (8), the following sub-section shall be inserted, namely :- (8A) The amount of deduction in the case of any company carrying on scientific research and development shall be hundred per cent of the profits and gains of such business for a period of ten consecutive assessment years, beginning from the initial assessment year, if such company- (i) is registered in India; (ii) has its main object the scientific and industrial research and development; (iii) is for the time being approved by the prescribed authority at any time after the 31st day of March, 2000 but before the 1st day of April, 2003; (iv) fulfils such other conditions as may be prescribed; (e) in sub-section (10),- (i) in the opening portion, for the words approved by a local authority , the words, letters and figures approved before the 31st day of March, 2001 by a local authority shall be substituted; (ii) in clause (a), for the figures, letters and words 31st day of March, 2001 , the figures, letters and words 31st day of March, 2003 shall be substituted.