PHASING OUT OF DEDUCTIONS & EXEMPTIONS
RATIONALISATION OF TIME LIMIT FOR ASSESSMENT IN SEARCH CASES
May 1, 2016RATIONALISATION OF ADVANCE TAX PAYMENT SCHEDULE AND CHARGING OF INTEREST
May 1, 2016
| Sl. No | Section | Incentive currently available in the Act | Proposed phase out measures/ Amendment |
| 1
|
10AA- Special provision in respect of newly established units in Special economic zones (SEZ).
|
Profit linked deductions for profit derived from export of articles or things or services
|
No deduction shall be for units beginning operations on or after 01.04.2020.
|
| 2
|
35AC-Expenditure on eligible projects or schemes.
|
Deduction for expenditure incurred by way of payment of any sum for certain eligible social development project or a scheme.
|
No deduction shall be available with effect from 01.04.2017
|
| 3
|
35CCD-Expenditure on skill development project.
|
Weighted deduction of 150% on any expenditure incurred other than on Land & Building | Deduction shall be restricted to 100% from 01.04.2020
|
| 4
|
Section Deduction in respect of profits derive from
a) development, operation and maintenance of an infrastructure facility (80-IA) b) development of special economic zone (80-IAB) c) production of mineral oil and natural gas [80-IB(9)]
|
100% profit linked deductions for specified period.
|
No deduction shall be available if the specified activity commences on or after 01.04.2017.
|
