Amendment of section 10A.
5. In section 10A of the Income-tax Act, in sub-section (1), in the fourth proviso, for the figures, letters and words "1st day of April, 2011", the figures, letters and words "1st day of April, 2012" shall be substituted.
Notes on Clauses:
Clause 5 of the Bill seeks to amend section 10A of the Income tax Act relating to special provision in respect of newly established industrial undertakings in free trade zone, etc.
The existing provisions provide that no deduction shall be allowed to any undertaking for the assessment year beginning on 1st day of April, 2011 and subsequent years.
It is proposed to amend the fourth proviso to sub-section (1) of the said section so as to allow the deduction for the previous year 2010-2011 relevant to assessment year 2011-2012.
This amendment will take effect retrospectively from 1st April, 2009.
