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Insertion of new section 80-IAC- Special provision in respect of specified business.

Clause 41 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 41 - Insertion of new section 80-IAC. 41. After section 80-IAB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:- Special .....

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ions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to one hundred per cent. of the profits and gains derived from such business for three consecutive assessment years. (2) The deduction spe .....

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p which fulfils the following conditions, namely:- (i) it is not formed by splitting up, or the reconstruction, of a business already in existence: Provided that this condition shall not apply in respect of a start-up which is formed as a result of t .....

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business of machinery or plant previously used for any purpose. Explanation 1.- For the purposes of this clause, any machinery or plant which was used outside India by any person other than the assessee shall not be regarded as machinery or plant pr .....

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nto India; (c) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the install .....

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or part so transferred does not exceed twenty per cent. of the total value of the machinery or plant used in the business, then, for the purposes of clause (ii) of this sub-section, the condition specified therein shall be deemed to have been compli .....

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ess means a business which involves innovation, development, deployment or commercialisation of new products, processes or services driven by technology or intellectual property; (ii) eligible start-up means a company engaged in eligible business whi .....

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years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021; and (c) it holds a certificate of eligible business from the Inter-Ministerial Board of Certification as notified in the Official Gazette by the Central .....

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