{"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":"34","heading":"Amendment of section 80HHC","text":"Amendment of section 80HHC. 34. In section 80HHC of the Income-tax Act, with effect from the 1st day of April, 2001,— (a) in sub-section (1), for the words \"a deduction of the profits\", the words, brackets, figure and letter \"a deduction to the extent of profits, referred to in sub-section (1B),\" shall be substituted; (b) in sub-section (1A), for the words \"a deduction of the profits\", the words, brackets, figure and letter \"a deduction to the extent of profits, referred to in sub-section (1B),\" shall be substituted; (c) after sub-section (1A), the following sub-section shall be inserted, namely:— \"(1B) For the purposes of sub-sections (1) and (1A), the extent of deduction of the profits shall be an amount equal to— (i) eighty per cent thereof for an assessment year begin­ning on the 1st day of April, 2001; (ii) sixty per cent thereof for an assessment year beginning on the 1st day of April, 2002; (iii) forty per cent thereof for an assessment year beginning on the 1st day of April, 2003; (iv) twenty 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.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 80HHC.</b></p><p><b>34.</b> In section 80HHC 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 of the profits\", the words, brackets, figure and letter \"a deduction to the extent of profits, referred to in sub-section (1B),\" shall be substituted;</p><p>(<i>b</i>) in sub-section (1A), for the words \"a deduction of the profits\", the words, brackets, figure and letter \"a deduction to the extent of profits, referred to in sub-section (1B),\" shall be substituted;</p><p>(<i>c</i>) after sub-section (1A), the following sub-section shall be inserted, namely:—</p><p>\"(1B) For the purposes of sub-sections (1) and (1A), the extent of deduction of the profits shall be an amount equal to—</p><p>(<i>i</i>) eighty per cent thereof for an assessment year begin­ning on the 1st day of April, 2001;</p><p>(<i>ii</i>) sixty per cent thereof for an assessment year beginning on the 1st day of April, 2002;</p><p>(<i>iii</i>) forty per cent thereof for an assessment year beginning on the 1st day of April, 2003;</p><p>(<i>iv</i>) twenty 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>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":219,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2000/section/34/","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."}