TMI BlogMeasures to phase out deductions- DIRECT TAXESX X X X Extracts X X X X X X X X Extracts X X X X ..... ed and area based deductions will be phased out for both corporate and non-corporate tax payers. (b) The provisions having a sunset date will not be modified to advance the sunset date. Similarly the sunset dates provided in the Act will not be extended. (c) In case of tax incentives with no terminal date, a sunset date of 31.3.2017 will be provided either for commencement of the activity or for claim of benefit depending upon the structure of the relevant provisions of the Act. (d) There will be no weighted deduction with effect from 01. 04.2017. Based on the above guiding principles and taking into account the response of the stakeholders on the proposed phasing out plan, the following incentives under the Act are proposed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny land or building) on any notified skill development project by a company. Deduction shall be restricted to 100 per cent from 01.04.2020 (i.e. from previous year 2020-21 onwards). 4 Section 80IA; 80IAB, and 80IB Deduction in respect of profits derive from a) development, operation and maintenance of an infrastructure facility (80-IA) b) development of special economic zone (80-IAB) c) production of mineral oil and natural gas [80-IB(9)] 100 per cent profit linked deductions for specified period on eligible business carried on by industrial undertakings or enterprises referred in section 80IA; 80IAB, and 80IB. No deduction shall be availab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also available if a sum is paid to an approved university, college or other institution and if such sum is used for scientific research. Weighted deduction shall be restricted to 150 per cent from 01.04.2017 to 31.03.2020 (i.e. from previous year 2017-18 to previous year 2019-20) and deduction shall be restricted to 100 per cent from 01.04.2020 (i.e. from previous year 2020-21 onwards). 3 35(1)(iia)- Expenditure on scientific research. Weigted deduction from the business income to the extent of 125 per cent of any sum paid as contribution to an approved scientific research company. Deduction shall be restricted to 100 per cent with effect from 01.04.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e or production of any article or thing except some items appearing in the negative list specified in Schedule-XI, on scientific research on approved in-house research and development facility. Weighted deduction shall be restricted to 150 per cent from 01.04.2017 to 31.03.2020 (i.e. from previous year 2017-18 to previous year 2019-20). Deduction shall be restricted to 100 per cent from 01.04.2020 (i.e. from previous year 2020-21 onwards). 7 35AD- Deduction in respect of specified business. In case of a cold chain facility, warehousing facility for storage of agricultural produce, an affordable housing project, production of fertiliser and hospital weighted deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X
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