Income Tax Act, 2025
Section 1: Ins. by Act 20 of 2002, s. 34 (w.e.f. 12003).
1. Ins. by Act 20 of 2002, s. 34 (w.e.f. 12003).
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(b) the deduction under clause (a) shall be allowable only if—
(i) such multiplex theatre is constructed at any time during the period beginning on the 1st
day of April, 2002 and ending on the 31st day of March, 2005;
(ii) the business of the multiplex theatre is not formed by the splitting up, or the
reconstruction, of a business already in existence or by the transfer to a new business of any
building or of any machinery or of plant previously used for any purpose;
(iii) the assessee furnishes alongwith the return of income, the report of an audit in such form
and containing such particulars as may be prescribed and duly signed and verified by an
accountant, as defined in the Explanation below sub-section (2) of section 288, certifying that the
deduction has been correctly claimed.
(7B) The amount of deduction in the case of any convention centre shall be—
(a) fifty per cent of the profits and gains derived, by the assessee from the business of building,
owning and operating a convention centre, for a period of five consecutive years beginning from the
initial assessment year;
(b) the deduction under clause (a) shall be allowable only if—
(i) such convention centre is constructed at any time during the period beginning on the 1st
day of April, 2002 and ending on the 31st day of March, 2005;
(ii) the business of the convention centre is not formed by the splitting up, or the
reconstruction, of a business already in existence or by the transfer to a new business of any
building or of any machinery or plant previously used for any purpose;
(iii) the assessee furnishes alongwith the return of income, the report of an audit in such form
and containing such particulars as may be prescribed, and duly signed and verified by an
accountant, as defined in the Explanation below sub-section (2) of section 288, certifying that the
deduction has been correctly claimed.]
(8) 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 five
assessment years beginning from the initial assessment year if such company—
(a) is registered in India;
(b) has the main object of scientific and industrial research and development;
(c) is for the time being approved by the prescribed authority at any time before the 1st day of
April, 1999.
1[(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—
the deduction under clause
shall be allowable only if—
such multiplex theatre is constructed at any time during the period beginning on the 1st
day of April, 2002 and ending on the 31st day of March, 2005;
the business of the multiplex theatre is not formed by the splitting up, or the
reconstruction, of a business already in existence or by the transfer to a new business of any
building or of any machinery or of plant previously used for any purpose;
the assessee furnishes alongwith the return of income, the report of an audit in such form
and containing such particulars as may be prescribed and duly signed and verified by an
accountant, as defined in the Explanation below sub-section
of section 288, certifying that the
deduction has been correctly claimed.
The amount of deduction in the case of any convention centre shall be—
fifty per cent of the profits and gains derived, by the assessee from the business of building,
owning and operating a convention centre, for a period of five consecutive years beginning from the
initial assessment year;
the deduction under clause
shall be allowable only if—
such convention centre is constructed at any time during the period beginning on the 1st
day of April, 2002 and ending on the 31st day of March, 2005;
the business of the convention centre is not formed by the splitting up, or the
reconstruction, of a business already in existence or by the transfer to a new business of any
building or of any machinery or plant previously used for any purpose;
the assessee furnishes alongwith the return of income, the report of an audit in such form
and containing such particulars as may be prescribed, and duly signed and verified by an
accountant, as defined in the Explanation below sub-section
of section 288, certifying that the
deduction has been correctly claimed.]
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 five
assessment years beginning from the initial assessment year if such company—
is registered in India;
has the main object of scientific and industrial research and development;
is for the time being approved by the prescribed authority at any time before the 1st day of
April, 1999.
1[
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—