Amendment of section 80-IAC :
Section – 28. In section 80-IAC of the Income-tax Act, in the Explanation below sub-section (4),—
| (a) | for clause (i), the following clause shall be substituted, namely:— |
| ‘(i) | “eligible business” means a business carried out by an eligible start up engaged in innovation, development or improvement of products or processes or services or a scalable business model with a high potential of employment generation or wealth creation;’; |
| (b) | in clause (ii),— |
| (i) | in sub-clause (a), for the figures “2019”, the figures “2021” shall be substituted; | |
| (ii) | in sub-clause (b), for the words, figures and letters “in any of the previous years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021”, the words, brackets and figure “in the previous year relevant to the assessment year for which deduction under sub-section (1) is claimed” shall be substituted. |