{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"28","heading":"Amendment of section 80-IAC","text":"Amendment of section 80-IAC. 28. In section 80-IAC of the Income-tax Act, in the Explanation below sub-section (4),— (a) | for clause (i), the following clause shall be substituted, namely:— '(i) | \"eligible business\" means a business carried out by an eligible start up engaged in innovation, development or improvement of products or processes or services or a scalable business model with a high potential of employment generation or wealth creation;'; (b) | in clause (ii),— (i) | in sub-clause (a), for the figures \"2019\", the figures \"2021\" shall be substituted; (ii) | in sub-clause (b), for the words, figures and letters \"in any of the previous years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021\", the words, brackets and figure \"in the previous year relevant to the assessment year for which deduction under sub-section (1) is claimed\" shall be substituted.","html":"<p><b> Amendment of section 80-IAC.</b></p><p><b> 28.</b> In section 80-IAC of the Income-tax Act, in the <i>Explanation</i> below sub-section (4),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>for clause (<i>i</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>i</i>)</td><td></td><td>\"eligible business\" means a business carried out by an eligible start up engaged in innovation, development or improvement of products or processes or services or a scalable business model with a high potential of employment generation or wealth creation;';</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>in clause (<i>ii</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in sub-clause (<i>a</i>), for the figures \"2019\", the figures \"2021\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in sub-clause (<i>b</i>), for the words, figures and letters \"in any of the previous years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021\", the words, brackets and figure \"in the previous year relevant to the assessment year for which deduction under sub-section (1) is claimed\" shall be substituted.</td></tr></table></div>","words":152,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/28/","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."}