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Section 35AD - Deduction in respect of expenditure on Specified Business

Income Tax - Profit and Gains of Business or Profession - 21 - 150% WEIGHTED DEDUCTION AVAILABLE TO ASSESSEES CARRYING ON SPECIFIED BUSINESS ESSENTIAL FOR INDIAN ECONOMY No. Date of commencement of business Specified business Who should own the business Approval (if any) 1. On or after April 1, 2012 Setting up and operating a cold chain facility [see Note 1] Any Person Not required 2. On or after April 1, 2012 Setting up and operating a ware-housing facility for storage of agricultural produce A .....

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d notified by the board 6. On or after April 1, 2012 Production of fertilizer in India ( applicable from the assessment year 2012-2013) Any Person Not required Important Note:- For the above specified business essential for Indian Economy has started before 01/04/2012 but on an after 01/04/2009 then deduction will be allow only 100% Note 1. cold chain facility. Cold chain facility means a chain of facilities for storage or transportation of agricultural and forest produce, meat and meat products .....

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try natural gas pipeline network for distribution or storage. In other cases on or after April 1, 2009 Laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution, including storage facilities being an integral part of such network An Indian Company or a consortium of Indian companies or an authority/Board / Corporation established under any Central or State Act Should be approved by Petroleum and Natural Gas Regulatory Board and notified by the C .....

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for slum re-development or rehabilitation framed by the Central Government/State Government and notified by the Board in accordance with prescribed guidelines 4. On or after April 1, 2012 Setting up and operating an inland container depot or a container freight station Any Person As notified or approved under the Customs Act 5. On or after April 1, 2012 Bee-keeping and production of honey and beeswax Any Person No approval 6. On or after April 1, 2012 Setting up and operating aware-housing faci .....

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ure of capital nature incurred after the commencement of business wholly and exclusively for the purposes of any specified business carried on by him during the previous year in which such expenditure is incurred by him. Revenue Expenditure will also be allowed as 100% deduction. FOR SPECIFIED BUSINESS ESSENTIAL FOR INDIAN ECONOMY 150% Deduction shall be allowed in respect of any expenditure of capital nature incurred after the commencement of business wholly and exclusively for the purposes of .....

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uction shall be 100% if such business is commenced before 1.4.2012. EXPENDITURE INCURRED PRIOR TO COMMENCEMENT OF OPERATIONS ALSO ELIGIBLE FOR DEDUCTION FOR SPECIFIED BUSINESS Expenditure incurred before the commencement of business wholly and exclusively, for the purposes of any specified business, shall be allowed as deduction to the extent of 100% of such expenditure, during the previous year in which he commences operations of his specified business if: The expenditure is incurred prior to t .....

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fied business if: The expenditure is incurred prior to the commencement of its operations and The amount is capitalized in the books of account of the assessee on the date of commencement of its operations. Key Note: 150% Deduction is allowed if Specified Business Essential for Indian Economy is commenced on or after 1.4.2012. Deduction shall be 100% if such business is commenced before 1.4.2012. AMENDMENT IN SECTION 35AD BY FINANCE ACT, 2012 Where the assessee builds a hotel of two star or abov .....

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ery ii. 20% of total Plant & Machinery can be old. Not formed by splitting or reconstruction of business already in existence. Assessee in business of laying cross country pipelines should make available for use on common carrier basis: i. 1/3rd of total pipeline capacity for a natural gas pipeline network ii. 1/4th of total pipeline capacity for petroleum product pipeline. Deduction u/s 80-IA to 80RRB and section 10AA shall not be allowed under Section 35AD. However, deductions under sectio .....

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