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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 DEDUCTION: The deduction shall be lower of the following: Amount deposited in NABARD or Deposit Account. 40% of PGBP of such business before deduction u/s 33AB NOTES: Deduction to be allowed before setting off the brought forward losses. Deduction u/s 33A .....

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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 WITHDRAWL OF AMOUNT FROM NABARD/ DEPOSIT ACCOUNT: Any amount can be withdrawn from NABARD/ Deposit Account for the purposes specified in the scheme of Tea Board or the coffee board or the rubber board, as the case may be or in the following circumstances: Closure of Business Taxable* Death of an assessee Not taxable Partition of HUF Not taxable Dissolution of firm Taxable* Liquidation of company Not taxable *Taxable under the head PGBP in the year of withdrawal. MISUTILIS .....

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