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TypeBare Act JurisdictionCentral Government

Finance Act, 2000 Section 34

AMENDMENT OF SECTION 80-HHC In Section 80-HHC of the Income Tax Act, with effect from the 1st day of April, 2001 ,

~1 min read
https://sooperkanoon.com/act/455233

Bare act section · Research

About this section

Finance Act, 2000 Section 34 is part of Finance Act, 2000 - AMENDMENT OF SECTION 80-HHC In Section 80-HHC of the Income Tax Act, with effect from the 1st day of April, 2001 ,. Read the section text below and explore Indian court judgments that cite it.

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Section Text

a) in sub-section (1), for the words "a deduction of the profits", the words, brackets, figure and letter "a deduction to the extent of profits, referred to in subsection (1-B)," shall be substituted;

(b) in sub-section (1-A), for the words "a deduction of the profits", the words, brackets, figure and letter "a deduction to the extent of profits, referred to in sub- section (1-B)," shall be substituted;

(c) after sub-section (1-A), the following sub-section shall be inserted, namely :- "(1 -B) For the purposes of sub-sections (1) and (1-A), the extent of deduction of the profits shall be an amount equal to -

(i) eighty per cent thereof for an assessment year beginning on the 1st day of April, 2001;

(ii) sixty per cent thereof for an assessment year beginning on the 1st day of April, 2002;

(iii) forty per cent, thereof for an assessment year beginning on the 1st day of April, 2003;

(iv) twenty per cent thereof for an assessment year beginning on the 1st day of April, 2004, and no deduction shall be allowed in respect of the assessment year beginning on the 1st day of April, 2005 and any subsequent assessment year.".

Frequently asked questions

What does Finance Act, 2000 Section 34 provide?

Section Section 34 of the Finance Act, 2000 (AMENDMENT OF SECTION 80-HHC In Section 80-HHC of the Income Tax Act, with effect from the 1st day of April, 2001 ,) is reproduced on this page as part of the Finance Act, 2000. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2000 Section 34?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2000 Section 34. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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