{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"29","heading":"Amendment of section 80-IBA","text":"Amendment of section 80-IBA. 29. In section 80-IBA of the Income-tax Act, with effect from the 1st day of April, 2022,— (a) | after sub-section (1), the following sub-section shall be inserted, namely:— \"(1A) Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building rental housing project, there shall be allowed a deduction of an amount equal to hundred per cent of the profits and gains derived from such business.\"; (b) | in sub-section (2), in clause (a), for the figures \"2021\", the figures \"2022\" shall be substituted; (c) | in sub-section (6), after clause (d), the following clause shall be inserted, namely:— '(da) \"rental housing project\" means a project which is notified by the Central Government in the Official Gazette under this clause on or before the 31st day of March, 2022 and fulfils such conditions as may be specified in the said notification;'.","html":"<p><b>Amendment of section 80-IBA.</b></p><p><b>29.</b> In section 80-IBA of the Income-tax Act, with effect from the 1st day of April, 2022,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>after sub-section (1), the following sub-section shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(1A) Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building rental housing project, there shall be allowed a deduction of an amount equal to hundred per cent of the profits and gains derived from such business.\";</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (2), in clause (<i>a</i>), for the figures \"2021\", the figures \"2022\" shall be substituted;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>in sub-section (6), after clause (<i>d</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>da</i>) \"rental housing project\" means a project which is notified by the Central Government in the Official Gazette under this clause on or before the 31st day of March, 2022 and fulfils such conditions as may be specified in the said notification;'.</td></tr></table></div>","words":156,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/29/","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."}