Eligible Business - Definition / Legal Terminology - Income Tax

Eligible Business Explanation.(i) -For the purposes of section 80IAC of the Income tax Act 1961,- 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; Explanation.(i) - F or the purposes of section 80PA of the Income tax Act 1961,- Eligible Business means- (a) the marketing of agricultural produce grown by the members; or (b) the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to the members; or (c) the processing of the agricultural produce of the members; For the purposes of section 80IE(7)(v) of the Income tax Act 1961. Eligible Business means the business of, (a) hotel (not below two star category); (b) adventure and leisure sports including ropeways; (c) providing medical and health services in the nature of nursing home with a minimum capacity of 25 beds; (d) running an old-age home; (e) operating vocational training institute for hotel management, catering and food craft, entrepreneurship development, nursing and para-medical, civil aviation related training, fashion designing and industrial training; (f) running information technology related training centre; (g) manufacturing of information technology hardware; and ( h ) bio-technology.