Section 141
Section 141: deduction for profits from certain industrial undertakings
Section 141 is another carry-forward provision. Where an assessee's gross total income includes profits and gains from a business referred to in section 80-IB of the repealed Income-tax Act, 1961, and the assessee was eligible for a deduction under that section, Section 141 lets the deduction continue under the 2025 Act - calculated and time-limited exactly as section 80-IB prescribed.
This explanation is AI-assisted and pending review by our CA/CS team. It is general information, not professional advice - always cross-check against the bare law text above or talk to our tax team for guidance specific to your situation.
What Section 141 does
Where the gross total income of an assessee includes profits and gains derived from a business referred to in section 80-IB of the Income-tax Act, 1961, and the assessee is eligible to claim a deduction from those profits and gains under that section (as if the said Act had not been repealed), a deduction from those profits and gains is allowed in computing total income under the 2025 Act.
How the deduction is worked out
Both the amount and the duration of the deduction are tied entirely to the old, repealed provision:
- The amount of deduction is calculated as per the provisions of section 80-IB of the Income-tax Act, 1961.
- The deduction under the 2025 Act is allowed only for the tax years for which it would have been allowed under section 80-IB of the Income-tax Act, 1961, as if that Act had not been repealed.
Frequently asked questions
Does Section 141 introduce a new industrial-undertaking deduction?
No. It only carries forward the deduction an eligible industrial undertaking already had under section 80-IB of the Income-tax Act, 1961, for whatever remains of that original eligibility period, calculated the same way section 80-IB prescribed.
Who is eligible under Section 141?
An assessee whose gross total income includes profits and gains from a business referred to in section 80-IB of the Income-tax Act, 1961, and who was eligible to claim the deduction under that section.
Want this applied to your actual filing, not just explained?
Talk to our tax team about industrial undertaking deductionsLast updated 9 September 2026