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Section 33ABA - Site Restoration Fund

Income Tax - Profit and Gains of Business or Profession - 16 - SEC - 33ABA: SITE RESTORATION FUND APPLICABILITY: Applicable to an assessee carrying on business, consisting of prospecting or extraction or production of petroleum or natural gas or both .....

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toration Account. AMOUNT OF DEDUCTION: Least of the following is deductible- A. Amount deposited, or B. 20% of current year profit of such business. PROVIDED: Deduction u/s 33ABA shall not be allowed in computation of income of a partner of a firm or .....

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amount in any other PY. Any amount credited in the special account or site restoration account by way of interest shall be deemed to be a deposit. The deduction under this section shall not be admissible unless the accounts of such business of the a .....

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lized for- A. Purpose of business other than for declaration of dividend or distribution of profits, or B. Purchase of eligible assets as per the scheme. However, such expenditure will not be allowed as deduction in computation of income under the he .....

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house. B. Office appliances other than computer. C. Plant and machinery entitled for 100% deduction. D. Plant and machinery installed in an industrial undertaking manufacturing any article specified in Eleventh schedule. WITHDRAWL OF DEDUCTION: A. Am .....

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