Income-tax Act, 1961
Section - 80-I - Deduction in respect of profits and gains from industrial undertakings after a certain date, etc
Deduction in respect of profits and gains from industrial undertakings after a certain date, etc.80-I. (1) Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the business of a hotel or the business of repairs to ocean-going vessels or other powered craft, to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent thereof :Provided that in the case of an assessee, being a company, the provisions of this sub-section shall have effect in relation to profits and gains derived from an industrial undertaking or a ship or the business of a hotel as if for the words "twenty per cent", the words "twenty-five per cent" had been substituted.(1A) Notwithstanding anything contained in sub-section (1), in relation to any profits and gains derived by an assessee from-
| (i) | - | an industrial undertaking which begins to manufacture or produce articles or things or to operate its cold storage plant or plants; or |
| (ii) | - | a ship which is first brought into use; or |
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24 October 2026
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