GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 from such business for the 7 consecutive assessment years including the initial assessment year. Initial assessment year means the assessment year relevant to the previous year in which the under .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ercial production of natural gas. 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 9 (but not later than 31.03.2017) Production of Mineral Oil No deduction in respect of blocks licensed after 31.03.201 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ancial year in which the housing project is approved by the local authority. the project is on the size of a plot of land which has a minimum area of an acre the residential 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 housi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version