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Section 33AB - Tea, Coffee, Rubber Development Account

Income Tax - Profit and Gains of Business or Profession - 15 - SEC - 33AB: TEA/ COFFEE/ RUBBER DEVELOPMENT ACCOUNT ELIGIBLE ASSESSEES: All assessees engaged in the business of growing and manufacturing tea, coffee or rubber in India. QUANTUM OF DEDUC .....

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B is given from the composite income from business of growing and manufacturing tea/coffee/rubber i.e. composite of exempt & non-exempt income. It is not given from the non-exempt income. CONDITIONS: Assessee must deposit any amount in: i.An acco .....

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g the return of income. WITHDRAWL OF AMOUNT FROM NABARD/ DEPOSIT ACCOUNT: Any amount can be withdrawn from NABARD/ Deposit Account for the purposes specified in the scheme of Tea Board or the coffee board or the rubber board, as the case may be or in .....

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ATION OF MONEY FROM NABARD/ DEPOSIT ACCOUNT: If any amount deposited with NABARD/ Deposit account is utilized for purchase of following assets, then the amount so utilized shall be deemed to be the income of the previous year in which assets are purc .....

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cost of which is allowed as a deduction in computing the income chargeable under the head PGBP of any one previous year. NOTES: Where amount in the NABARD/ Deposit account is utilized as per the scheme for the purpose of any revenue expenditure, suc .....

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