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Deduction u/s 80IB - Deduction in respect of profit and gains from industrial undertakings other than infrastructure development undertakings

Income Tax - Exemptions and Deductions - 25 - SEC - 80-IB: DEDUCTION IN RESPECT OF PROFIT AND GAINS FROM INDUSTRIAL UNDERTAKINGS OTHER THAN INFRASTRUCTURE DEVELOPMENT UNDERTAKINGS The deduction in case of an assessee whose gross total income includes any profits and gains from any business of an industrial undertaking, shall be of the following amount: i.In case of an industrial undertaking located in an industrial Backward State: For the initial 5 assessment years - 100% of the profit and gains .....

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erived from such industrial undertaking. (30% in case of a company) (25% for 7 assessment years in case of co-operative society) Note: The deduction is available to an Industrial Undertaking, which fulfills all the following conditions: It is not formed by splitting up, or the reconstruction of a business in existence. Exception: If re-construction takes place in the circumstances and period given in section 33B, then deduction is available. It is not formed by the transfer to a new business of .....

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rocess carried on with the aid of power or employs twenty or more workers in a manufacturing process carried on without the aid of power. The deduction is available to any undertaking which begins commercial production or refining of mineral oil in any part of India. The deduction is 100% of the profits and gains from such business for the initial 7 assessment years. Initial assessment year means the assessment year relevant to the previous year in which the undertaking commences the commercial .....

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. Explanation: For the purpose of claiming deduction under this section, all blocks licensed under a single contract, which has been awarded under the NELP, shall be treated as a single undertaking. (This explanation is relevant for both mineral oil and natural gas) Business Sunset Date Refining of Mineral Oil Refining to start by 31st March, 2012 Production of Mineral Oil No deduction in respect of blocks licensed after 31.03.2011 Production of Natural Gas No sunset The amount of deduction in t .....

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idential unit has a maximum built-up area of 1000 square feet where such residential unit is situated within the city of Delhi or Mumbai or within 25 kilometers from the municipal limits of these cities and 1500 square feet at any other place and the built up area of the shops and other commercial establishments included in the housing project does not exceed 3% of the aggregate built-up area of the housing project or five thousand square feet, whichever is higher. not more than one residential .....

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