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Insertion of new section 80PA-Deduction in respect of certain income of Producer Companies

Clause 28 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 28 - 28. Insertion of new section 80PA. After section 80P of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2019, namely:- Deduction in .....

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d from eligible business, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to one hundred per cent. of the profits and gains attri .....

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vision of this Chapter, the deduction under this section shall be allowed with reference to the income, if any, as referred to in this section included in the gross total income as reduced by the deductions under such other provision of this Chapter. .....

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for the purpose of supplying them to the members; or (c) the processing of the agricultural produce of the members; (ii) member shall have the meaning assigned to it in clause (d) of section 581A of the Companies Act, 1956 (1 of 1956); (iii) Producer .....

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Producer Companies. It is proposed to insert the said new section so as to provide that in case of an assessee, being a Producer Company, having a total turnover of one hundred crore rupees or less in any previous year, the gross total income include .....

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of the agricultural produce of its members, the whole of the amount of income or profits and gains and business attributable to any one or more of such activities shall be deducted in computing the total income of the assessee for the previous year r .....

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