9911796707
TMI BlogClarification of the term 'initial assessment year' in section 80IA (5) of the Income-tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... 80IA (5) of the Income-tax Act, 1961 Section 80IA of the Income-tax Act, 1961 ('Act'), as substituted by the Finance Act, 1999 with effect from 01.04.2000, provides for deduction of an amount equal to 100 % of the profits and gains derived by an undertaking or enterprise from an eligible business (as referred to in sub-section (4) of that section) in accordance with the prescribed provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be computed as if such eligible business were the only source of income of the assessee during the previous year relevant to the initial assessment year and to every subsequent assessment year up to and including the assessment year for which the determination is to be made". In the above sub-section, which prescribes the manner of determining the quantum of deduction, a reference has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the claim of deduction for ten consecutive years, out of a slab of fifteen (or twenty) years, as prescribed under that sub-section. It is hereby clarified that once such initial assessment year has been opted for by the assessee, he shall be entitled to claim deduction u/s 80IA for ten consecutive years beginning from the year in respect of which he has exercised such option subject to the fulfil ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
