CHAPTER III
DIRECT TAXES
Income-tax
Amendment of section 80-ID.
28. In section 80-ID of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2011,—
(a) in clause (i), for the words, figures and letters "the 31st day of March, 2010", the words, figures and letters "the 31st day of July, 2010" shall be substituted;
(b) in clause (ii), for the words, figures and letters "the 31st day of March, 2010", the words, figures and letters "the 31st day of July, 2010" shall be substituted.
Notes on Clauses:
Clause 28 of the Bill seeks to amend section 80-ID of the Income tax Act relating to deduction in respect of profits and gains from business of hotels and convention centres in specified area.
The existing clause (i) of sub-section (2) of the aforesaid section provides that the provisions of the said section apply to any undertaking engaged in the business of hotel located in the specified area, if such hotel is constructed and has started or starts functioning at any time during the period beginning on 1st April, 2007 and ending on 31st March, 2010.
It is proposed to extend the said period up to 31st July, 2010.
The existing clause (ii) of sub-section (2) of the aforesaid section provides that the provisions of the said section apply to any undertaking engaged in the business of building, owning and operating a convention centre, located in the specified area, if such convention centre is constructed at any time during the period beginning on 1st April, 2007 and ending on 31st March, 2010.
It is proposed to extend the said period up to 31st July, 2010.
These amendments will take effect from 1st April, 2011, and will, accordingly, apply in relation to the assessment year 2011- 2012 and subsequent years.
