Income Tax Act, 2025
Section 2: Ins. by Act 10 of 2000, s. 50 (w.e.f. 12001).
2. Ins. by Act 10 of 2000, s. 50 (w.e.f. 12001).
3. Subs. by Act 20 of 2002, s. 51, for “clause (iii) and the Explanation thereto” (w.e.f. 11997).
484
(v) the amount of profits derived by an industrial undertaking located in an industrially backward
State or district as referred to in 1[sub-section (4) and sub-section (5) of section 80-IB], for the
assessment years such industrial undertaking is eligible to claim a deduction of hundred per cent of
the 2[profits and gains under sub-section (4) or sub-section (5) of section 80-IB]; or
(vi) the amount of profits derived by an industrial undertaking from the business of developing,
maintaining and operating any infrastructure facility 3[as defined in the Explanation to sub-section (4)
of section 80-IA and subject to fulfilling the conditions laid down in that sub-section]; or
(vii) the amount of profits of sick industrial company for the assessment year commencing from
the assessment year relevant to the previous year in which the said company has become a sick
industrial company under sub-section (1) of section 17 of the Sick Industrial Companies (Special
Provisions) Act, 1985 (1 of 1986) and ending with the assessment year during which the entire net
worth of such company becomes equal to or exceeds the accumulated losses.
Explanation.—For the purposes of this clause, “net worth” shall have the meaning assigned to it
in clause (ga) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions)
Act, 1985 (1 of 1986); 4[or]
5[(viii) the amount of profits eligible for deduction under section 80HHC, computed under clause
(a), (b) or (c) of sub-section (3) or sub-section (3A), as the case may be, of that section, and subject to
the conditions specified in sub-sections (4) and (4A) of that section;
(ix) the amount of profits eligible for deduction under section 80HHE, computed under
sub-section (3) of that section.]
(3) Nothing contained in sub-section (1) shall affect the determination of the amounts in relation to
the relevant previous year to be carried forward to the subsequent year or years under the provisions of
sub-section (2) of section 32 or sub-section (3) of section 32A or clause (ii) of sub-section (1) of
section 72 or section 73 or section 74 or sub-section (3) of section 74A.
(4) Save as otherwise provided in this section, all other provisions of this Act shall apply to every
assessee, being a company, mentioned in this section.]
6[115JAA. Tax credit in respect of tax paid on deemed income relating to certain companies.—(1)
Where any amount of tax is paid under sub-section (1) of section 115JA by an assessee being a company
for any assessment year, then, credit in respect of tax so paid shall be allowed to him in accordance with
the provisions of this section.
7[(1A) Where any amount of tax is paid under sub-section (1) of section 115JB by an assessee, being a
company for the assessment year commencing on the 1st day of April, 2006 and any subsequent
assessment year, then, credit in respect of tax so paid shall be allowed to him in accordance with the
provisions of this section.]
1. Subs. by Act 27 of 1999, s. 90, for “sub-clause (b) or sub-clause (c) of clause (iv) of sub-section (2) of section 80-IA”
(w.e.f. 12000).
2. Subs. by s. 90, ibid., for “profits and gains under sub-section (5) of section 80-IA” (w.e.f. 12000).
3. Subs. by s. 90, ibid., for “under sub-section (12) of section 80-IA, and subject to fulfilling the conditions laid down in
sub-section (4A) of section 80-IA” (w.e.f. 12000).
and the Explanation thereto” (w.e.f. 11997).
484
the amount of profits derived by an industrial undertaking located in an industrially backward
State or district as referred to in 1[sub-section
and sub-section
of section 80-IB], for the
assessment years such industrial undertaking is eligible to claim a deduction of hundred per cent of
the 2[profits and gains under sub-section
or sub-section
of section 80-IB]; or
the amount of profits derived by an industrial undertaking from the business of developing,
maintaining and operating any infrastructure facility 3[as defined in the Explanation to sub-section
of section 80-IA and subject to fulfilling the conditions laid down in that sub-section]; or
the amount of profits of sick industrial company for the assessment year commencing from
the assessment year relevant to the previous year in which the said company has become a sick
industrial company under sub-section
of section 17 of the Sick Industrial Companies (Special
Provisions) Act, 1985 (1 of 1986) and ending with the assessment year during which the entire net
worth of such company becomes equal to or exceeds the accumulated losses.
Explanation.—For the purposes of this clause, “net worth” shall have the meaning assigned to it
in clause
of sub-section
of section 3 of the Sick Industrial Companies (Special Provisions)
Act, 1985 (1 of 1986); 4[or]
5[
the amount of profits eligible for deduction under section 80HHC, computed under clause
or
of sub-section
or sub-section
and
of that section;
the amount of profits eligible for deduction under section 80HHE, computed under
sub-section
of that section.]
Nothing contained in sub-section
shall affect the determination of the amounts in relation to
the relevant previous year to be carried forward to the subsequent year or years under the provisions of
sub-section
of section 32 or sub-section
of section 32A or clause
of sub-section
of
section 72 or section 73 or section 74 or sub-section
of section 74A.
Save as otherwise provided in this section, all other provisions of this Act shall apply to every
assessee, being a company, mentioned in this section.]
6[115JAA. Tax credit in respect of tax paid on deemed income relating to certain companies.—
Where any amount of tax is paid under sub-section
of section 115JA by an assessee being a company
for any assessment year, then, credit in respect of tax so paid shall be allowed to him in accordance with
the provisions of this section.
7[
Where any amount of tax is paid under sub-section
of section 115JB by an assessee, being a
company for the assessment year commencing on the 1st day of April, 2006 and any subsequent
assessment year, then, credit in respect of tax so paid shall be allowed to him in accordance with the
provisions of this section.]
1. Subs. by Act 27 of 1999, s. 90, for “sub-clause
or sub-clause
of clause
of sub-section
of section 80-IA”
(w.e.f. 12000).
2. Subs. by s. 90, ibid., for “profits and gains under sub-section
of section 80-IA” (w.e.f. 12000).
3. Subs. by s. 90, ibid., for “under sub-section
of section 80-IA, and subject to fulfilling the conditions laid down in
sub-section
of section 80-IA” (w.e.f. 12000).