{"act":{"id":"finance-act-2000","short_title":"The Finance Act, 2000","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2000-2001.","act_number":null,"act_year":2000,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":82,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2000/"},"unit":"section","section":{"number":"32","heading":"Amendment of section 80HHB","text":"Amendment of section 80HHB. 32. In section 80HHB of the Income-tax Act, with effect from the 1st day of April, 2001,— (a) in sub-section (1), for the words \"a deduction from such profits and gains of an amount equal to fifty per cent thereof\", the following shall be substituted, namely:— \"a deduction from such profits and gains of an amount equal to— (i) forty per cent thereof for an assessment year beginning on the 1st day of April, 2001; (ii) thirty per cent thereof for an assessment year begin­ning on the 1st day of April, 2002; (iii) twenty per cent thereof for an assessment year beginning on the 1st day of April, 2003; (iv) ten per cent thereof for an assessment year beginning on the 1st day of April, 2004, and no deduction shall be allowed in respect of the assessment year beginning on the 1st day of April, 2005 and any subsequent assessment year\"; (b) in sub-section (3),— (i) in clauses (ii) and ( iii), for the words, brackets and figure \"fifty per cent of the profits and gains referred to in sub-section (1)\", the words, brackets and figure \"such percentage of the profits and gains as is referred to in sub-section (1) in relation to the relevant assessment year\" shall be substituted; (ii) in the proviso, for the words, brackets and figure \"fifty per cent of the profits and gains referred to in sub-section (1)\", the words, brackets and figure \"such percentage of the profits and gains as is referred to in sub-section (1) in relation to the relevant assessment year\" shall be substituted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 80HHB.</b></p><p><b>32.</b> In section 80HHB of the Income-tax Act, with effect from the 1st day of April, 2001,—</p><p>(<i>a</i>) in sub-section (1), for the words \"a deduction from such profits and gains of an amount equal to fifty per cent thereof\", the following shall be substituted, namely:—</p><p>\"a deduction from such profits and gains of an amount equal to—</p><p>(<i>i</i>) forty per cent thereof for an assessment year beginning on the 1st day of April, 2001;</p><p>(<i>ii</i>) thirty per cent thereof for an assessment year begin­ning on the 1st day of April, 2002;</p><p>(<i>iii</i>) twenty per cent thereof for an assessment year beginning on the 1st day of April, 2003;</p><p>(<i>iv</i>) ten per cent thereof for an assessment year beginning on the 1st day of April, 2004,</p><p>and no deduction shall be allowed in respect of the assessment year beginning on the 1st day of April, 2005 and any subsequent assessment year\";</p><p>(<i>b</i>) in sub-section (3),—</p><p>(<i>i</i>) in clauses (<i>ii</i>) and ( <i>iii</i>), for the words, brackets and figure \"fifty per cent of the profits and gains referred to in sub-section (1)\", the words, brackets and figure \"such percentage of the profits and gains as is referred to in sub-section (1) in relation to the relevant assessment year\" shall be substituted;</p><p>(<i>ii</i>) in the proviso, for the words, brackets and figure \"fifty per cent of the profits and gains referred to in sub-section (1)\", the words, brackets and figure \"such percentage of the profits and gains as is referred to in sub-section (1) in relation to the relevant assessment year\" shall be substituted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":272,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2000/section/32/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}