Home Forum Income Tax Month 12 2010 2010 (12) This
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Claiming deduction u/s 80IC - Income TaxExtract A firm availing claiming 100% deduction u/s 80IC is taken over by a Company on 1/4/2011 (fulfilling conditions of Sec 47(xiii) of Income Tax Act, 1961 ) on which date 5 years of 100% deduction also expire. Will it get 25% deduction or 30% deduction for next five years? and if the assessee starts Unit II before 01/04/2012, then will it get 100% deduction for first five years and then 30% deduction for next five years?
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