# The Finance Act, 2000, Section 39: Amendment of section 80-IB

- Act: The Finance Act, 2000
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2000/section/39/

## Text

Amendment of section 80-IB. 39. In section 80-IB of the Income-tax Act, with effect from the 1st day of April, 2001,— (a) in sub-section (3), in clause (ii), for the figures, letters and words "31st day of March, 2000", the figures, letters and words "31st day of March, 2002" shall be substituted; (b) in sub-section (4), in the first proviso, for the fig­ures, letters and words "31st day of March, 2000", the figures, letters and words "31st day of March, 2002" shall be substituted; (c) in sub-section (5), in the second proviso to clauses (i) and (ii), for the figures, letters and words "31st day of March, 2000", the figures, letters and words "31st day of March, 2002" shall be substituted; (d) after sub-section (8), the following sub-section shall be inserted, namely:— "(8A) The amount of deduction in the case of any company carrying on scientific research and development shall be hundred per cent of the profits and gains of such business for a period of ten consecutive assessment years, beginning from the initial assess­ment year, if such company— (i) is registered in India; (ii) has its main object the scientific and industrial research and development; (iii) is for the time being approved by the prescribed authority at any time after the 31st day of March, 2000 but before the 1st day of April, 2003; (iv) fulfils such other conditions as may be prescribed;". (e) in sub-section (10),— (i) in the opening portion, for the words "approved by a local authority", the words, letters and figures "approved before the 31st day of March, 2001 by a local authority" shall be sub­stituted; (ii) in clause (a), for the figures, letters and words "31st day of March, 2001", the figures, letters and words "31st day of March, 2003" shall be substituted. © Copyright. Taxmann Publications Pvt. Ltd.

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