9. Insertion of new section 17A in the principal enactment

The following new section is hereby inserted immediately after section 17 of the principal enactment and shall have effect as section 17A of that enactment:-

17A. (1) The profits and income within the meaning of paragraph (a) of section 3 (other than any profits and income from the sale of any capital asset) of any company from any new undertaking referred to in subsection (2), and carried on by such company on or after

April 1, 2011, shall be exempted from income tax for a period of five years reckoned from the commencement of the year of assessment in which such undertaking commences to make profits from transactions entered into in that year of assessment or from the commencement of the year of assessment immediately succeeding the year of assessment in which such undertaking completes a period of two years reckoned from the date on which such undertaking commences to carry on commercial operations, whichever occurs earlier:

Provided that where the quantum of investment made in such undertaking is more than United State Dollars three million or its equivalent, the Minister may, having regard to the economic development of the country, grant tax exemption on the same basis, for a period not exceeding seven years.

For the purpose of subsection (1), "new undertaking'' means an undertaking engaged in any activity prescribed by the Minister having regard to the development of the national economy, as needed for the economic development of the country and which shall be with an investment of not less than United State