Amendment of section 35AD

Section 6 of the Finance Act, 2011 deals with amendment of section 35AD. Amendment of section 35AD. 6. In section 35AD of the Income-tax Act,— ( a) in sub-section (5), with effect from the 1st day of April, 2012,— ( i) in clause (ac), the word "and" occurring at the end shall be omitted;

Amendment of section 35AD.

6. In section 35AD of the Income-tax Act,—

( a) in sub-section (5), with effect from the 1st day of April, 2012,—

( i) in clause (ac), the word "and" occurring at the end shall be omitted;

( ii) after clause (ac), the following clauses shall be inserted, namely:—

"( ad) on or after the 1st day of April, 2011, where the specified business is in the nature of developing and building a housing project under a scheme for affordable housing framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as may be prescribed;

(ae) on or after the 1st day of April, 2011, in a new plant or in a newly installed capacity in an existing plant for production of fertilizer; and";

(iii) in clause ( b), for the words, brackets and letters "and clause (ac) ", the words, brackets and letters "clause (ac) , clause (ad ) and clause (ae)" shall be substituted;

( b) in sub-section (8), in clause (c), —

( i) in sub-clause (iv), for the words "new hotel", the word "hotel" shall be substituted;

( ii) in sub-clause (v), for the words "new hospital", the word "hospital" shall be substituted;

( iii) after sub-clause (vi), the following sub-clauses shall be inserted with effect from the 1st day of April, 2012, namely:—

"( vii) developing and building a housing project under a scheme for affordable housing framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as may be prescribed;

(viii) production of fertilizer in India;".

© Copyright. Taxmann Publications Pvt. Ltd.

Section 6, The Finance Act, 2011.