NOTIFICATION NO. 01/2011 Income Tax, DATED 5-1-2011
In exercise of the powers conferred by clauses (a) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies, the Scheme for slum redevelopment prepared by the Maharashtra Government under sub-section (2) of section 37 of the Maharashtra Regional Town Planning Act, 1966 (Mah.XXXVII of 1966) and published vide notification No. TPS-1893/973/CR-49/93A/UD-13, dated the 26-2-2004, as a scheme for the purposes of the said section subject to the condition that any amendment to the Scheme hereby notified shall be required to be re-notified by the Central Board of Direct Taxes.
2. This notification shall be deemed to apply to projects approved by a local authority under the aforesaid scheme on or after the 1st day of April, 2004 and before 31st day of March, 2008 thereby making the incomes arising from such projects eligible for deduction under sub-section (10) of section 80-IB from the assessment year 2005-06 onwards.