Amendment of section 80-IA.
39. In section 80-IA of the Income-tax Act, in sub-section (4), in clause (i), after the proviso and before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:-
“Provided further that nothing contained in this section shall apply to any enterprise which starts the development or operation and maintenance of the infrastructure facility on or after the 1st day of April, 2017.”.
Notes on Clauses:
Clause 39 of the Bill seeks to amend section 80-IA of the Income tax Act relating to deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.
Clause (i) of sub-section (4) of aforesaid section, inter alia, provides that any enterprise carrying on business of developing or operating and maintaining any infrastructure facility shall be allowed deduction as specified subject to conditions specified therein.
It is proposed to amend the said section so as to provide that this section shall not apply to any enterprise which starts the development or operation and maintenance of the infrastructure facility on or after the 1st day of April, 2017.
This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years.
