{"act":{"id":"finance-act-2001","short_title":"The Finance Act, 2001","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002.","act_number":null,"act_year":2001,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":102,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2001/"},"unit":"section","section":{"number":"44","heading":"Amendment of section 80-IA","text":"Amendment of section 80-IA. 44. In section 80-IA of the Income-tax Act,— (a) for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of April, 2002, namely:— \"(1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in sub-section (4) (such business being herein-after referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to hundred per cent of profits and gains derived from such business for ten consecutive assessment years.\"; (b) in sub-section (2), for the proviso, the following proviso shall be substituted with effect from the 1st day of April, 2002, namely:— ‘Provided that where the assessee develops or operates and main­tains or develops, operates and maintains any infrastructure facility referred to in clause (a) or clause (b) or clause (c ) of the Explanation to clause (i) of sub-section (4), the provisions of this sub-section shall have effect as if for the words \"fif­teen years\", the words \"twenty years\" had been substituted.’; (c) after sub-section (2), the following sub-section shall be inserted, namely:— \"(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2), the deduction in computing the total income of an undertaking providing telecommunication services, specified in clause (ii) of sub-section (4), shall be hundred per cent of the profits and gains of the eligible business for the first five assessment years commencing at any time during the periods as specified in sub-section (2) and thereafter, thirty per cent of such profits and gains for further five assessment years.\"; (d) in sub-section (3), for the words \"industrial undertak­ing\" wherever they occur, the word \"undertaking\" shall be substi­tuted with effect from the 1st day of April, 2002; (e) in sub-section (4),— (i) in clause (i),— (A) for the words, brackets and figures \"of (i) developing, (ii) maintaining and operating or (iii) developing, maintaining and operating\", the words, brackets and figures \"of (i) developing or (ii) operating and maintaining or (iii) developing, operating and maintaining\" shall be substituted with effect from the 1st day of April, 2002; (B) for sub-clause (b), the following sub-clause shall be substi­tuted with effect from the 1st day of April, 2002, namely:— \"(b) it has entered into an agreement with the Central Government or a State Government or a local authority or any other statutory body for (i) developing or ( ii) operating and maintaining or (iii) developing, operating and maintaining a new infrastructure facility;\"; (ii) for the Explanation, the following Explanation shall be substituted with effect from the 1st day of April, 2002, namely:— ‘Explanation. —For the purposes of this clause, \"infrastructure facility\" means— (a) a road including toll road, a bridge or a rail system; (b) a highway project including housing or other activities being an integral part of the highway project; (c) a water supply project, water treatment system, irriga­tion project, sanitation and sewerage system or solid waste management system; (d) a port, airport, inland waterway or inland port.’; (iii) for clause (ii), the following clause shall be substituted, namely:— \"(ii) any undertaking which has started or starts pro­viding telecommunication services whether basic or cellular, including radio paging, domestic satellite service, network of trunking, broadband network and internet services on or after the 1st day of April, 1995, but on or before the 31st day of March, 2003;\"; (iv) in clause (iii),— (A) after the words \"an industrial park\", the words \"or special economic zone\" shall be inserted with effect from the 1st day of April, 2002; (B) for the words, figures and letters \"the 31st day of March, 2002\", the words, figures and letters \"the 31st day of March, 2006\" shall be substituted; (v) in clause (iv),— (A) for the words \"industrial undertaking\" at both the places where they occur, the word \"undertaking\" shall be substituted with effect from the 1st day of April, 2002; (B) in sub-clauses (a) and ( b), for the words, figures and let­ters \"ending on the 31st day of March, 2003\" the words, figures and letters \"ending on the 31st day of March, 2006\" shall be substituted with effect from the 1st day of April, 2002; (f) in sub-section (7), for the words \"industrial undertak­ing\" at both the places where they occur, the word \"undertaking\" shall be substituted with effect from the 1st day of April, 2002; (g) in sub-section (8), with effect from the 1st day of April, 2002,— (i) for the word \"goods\" wherever it occurs, the words \"goods or services\" shall be substituted; (ii) for the Explanation, the following Explanation shall be substituted, namely:— ‘Explanation. —For the purposes of this sub-section, \"market value\", in relation to any goods or services, means the price that such goods or services would ordinarily fetch in the open market.’; (h) in sub-section (9), for the words \"industrial undertak­ing\" at both the places where they occur, the word \"undertaking\" shall be substituted with effect from the 1st day of April, 2002. © Copyright. Taxmann Publications Pvt. Ltd.","html":"

Amendment of section 80-IA.

44. In section 80-IA of the Income-tax Act,—

(a) for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of April, 2002, namely:—

\"(1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in sub-section (4) (such business being herein-after referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to hundred per cent of profits and gains derived from such business for ten consecutive assessment years.\";

(b) in sub-section (2), for the proviso, the following proviso shall be substituted with effect from the 1st day of April, 2002, namely:—

‘Provided that where the assessee develops or operates and main­tains or develops, operates and maintains any infrastructure facility referred to in clause (a) or clause (b) or clause (c ) of the Explanation to clause (i) of sub-section (4), the provisions of this sub-section shall have effect as if for the words \"fif­teen years\", the words \"twenty years\" had been substituted.’;

(c) after sub-section (2), the following sub-section shall be inserted, namely:—

\"(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2), the deduction in computing the total income of an undertaking providing telecommunication services, specified in clause (ii) of sub-section (4), shall be hundred per cent of the profits and gains of the eligible business for the first five assessment years commencing at any time during the periods as specified in sub-section (2) and thereafter, thirty per cent of such profits and gains for further five assessment years.\";

(d) in sub-section (3), for the words \"industrial undertak­ing\" wherever they occur, the word \"undertaking\" shall be substi­tuted with effect from the 1st day of April, 2002;

(e) in sub-section (4),—

(i) in clause (i),—

(A) for the words, brackets and figures \"of (i) developing, (ii) maintaining and operating or (iii) developing, maintaining and operating\", the words, brackets and figures \"of (i) developing or (ii) operating and maintaining or (iii) developing, operating and maintaining\" shall be substituted with effect from the 1st day of April, 2002;

(B) for sub-clause (b), the following sub-clause shall be substi­tuted with effect from the 1st day of April, 2002, namely:—

\"(b) it has entered into an agreement with the Central Government or a State Government or a local authority or any other statutory body for (i) developing or ( ii) operating and maintaining or (iii) developing, operating and maintaining a new infrastructure facility;\";

(ii) for the Explanation, the following Explanation shall be substituted with effect from the 1st day of April, 2002, namely:—

‘Explanation. —For the purposes of this clause, \"infrastructure facility\" means—

(a) a road including toll road, a bridge or a rail system;

(b) a highway project including housing or other activities being an integral part of the highway project;

(c) a water supply project, water treatment system, irriga­tion project, sanitation and sewerage system or solid waste management system;

(d) a port, airport, inland waterway or inland port.’;

(iii) for clause (ii), the following clause shall be substituted, namely:—

\"(ii) any undertaking which has started or starts pro­viding telecommunication services whether basic or cellular, including radio paging, domestic satellite service, network of trunking, broadband network and internet services on or after the 1st day of April, 1995, but on or before the 31st day of March, 2003;\";

(iv) in clause (iii),—

(A) after the words \"an industrial park\", the words \"or special economic zone\" shall be inserted with effect from the 1st day of April, 2002;

(B) for the words, figures and letters \"the 31st day of March, 2002\", the words, figures and letters \"the 31st day of March, 2006\" shall be substituted;

(v) in clause (iv),—

(A) for the words \"industrial undertaking\" at both the places where they occur, the word \"undertaking\" shall be substituted with effect from the 1st day of April, 2002;

(B) in sub-clauses (a) and ( b), for the words, figures and let­ters \"ending on the 31st day of March, 2003\" the words, figures and letters \"ending on the 31st day of March, 2006\" shall be substituted with effect from the 1st day of April, 2002;

(f) in sub-section (7), for the words \"industrial undertak­ing\" at both the places where they occur, the word \"undertaking\" shall be substituted with effect from the 1st day of April, 2002;

(g) in sub-section (8), with effect from the 1st day of April, 2002,—

(i) for the word \"goods\" wherever it occurs, the words \"goods or services\" shall be substituted;

(ii) for the Explanation, the following Explanation shall be substituted, namely:—

‘Explanation. —For the purposes of this sub-section, \"market value\", in relation to any goods or services, means the price that such goods or services would ordinarily fetch in the open market.’;

(h) in sub-section (9), for the words \"industrial undertak­ing\" at both the places where they occur, the word \"undertaking\" shall be substituted with effect from the 1st day of April, 2002.

© Copyright. Taxmann Publications Pvt. Ltd.

","words":857,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2001/section/44/","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."}