# The Finance Act, 2000, Section 33: Amendment of section 80HHBA

- Act: The Finance Act, 2000
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2000/section/33/

## Text

Amendment of section 80HHBA. 33. In section 80HHBA 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 (2),— (i) in clause (ii), 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.

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