Extension of the sunset date under section 80-IA for the power sector - THE FINANCE (No. 2) BILL, 2014

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..... Extension of the sunset date under section 80-IA for the power sector - THE FINANCE (No. 2) BILL, 2014 - News and Press Release Dated:- 13-7-2014 - News - Extension of the sunset date under section 80-IA for the power sector Under the existing provisions of clause (iv) of sub-section (4) of section 80-IA of the Income-tax Act, a deduction of profits and gains is allowed to an undertaki .....

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..... ng which, (a) is set up for the generation and distribution of power if it begins to generate power at any time during the period beginning on 1st April, 1993 and ending on 31st March, 2014; (b) starts transmission or distribution by laying a network of new transmission or distribution lines at any time during the period beginning on 1st April, 1999 and ending on 31st March, 2014; .....

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..... (c) undertakes substantial renovation and modernization of existing network of transmission or distribution lines at any time during the period beginning on 1st April, 2004 and ending on 31st March, 2014. With a view to provide further time to the undertakings to commence the eligible activity to avail the tax incentive, it is proposed to amend the above provisions to extend the t .....

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..... erminal date for a further period up to 31st March, 2017 i.e. till the end of the 12th Five Year Plan. These amendments will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent assessment years. [Clause 30] - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.c .....

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..... om - TMI - TaxTMI - TMITax .....

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