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What is Rehabilitation allowance? Section 33B of Income Tax Act 1961

Rehabilitation allowance is defined under section 33B of Income Tax Act 1961. Provisions under this section is:

Section 33B of Income Tax Act "Rehabilitation allowance"

33B. Where the business of any industrial undertaking carried on in India is discontinued in any previous year by reason of extensive damage to, or destruction of, any building, machinery, plant or furniture owned by the assessee and used for the purposes of such business as a direct result of -

(i) flood, typhoon, hurricane, cyclone, earthquake or other convulsion of nature ; or

(ii) riot or civil disturbance ; or

(iii) accidental fire or explosion ; or

(iv) action by an enemy or action taken in combating an enemy (whether with or without a declaration of war),

 

and, thereafter, at any time before the expiry of three years from the end of such previous year, the business is re-established, reconstructed or revived by the assessee, he shall, in respect of the previous year in which the business is so re-established, reconstructed or revived, be allowed a deduction of a sum by way of rehabilitation allowance equivalent to sixty per cent of the amount of the deduction allowable to him under clause (iii) of sub-section (1) of section 32 in respect of the building, machinery, plant or furniture so damaged or destroyed :

Provided that no deduction under this section shall be allowed in relation to the assessment year commencing on the 1st day of April, 1985, or any subsequent assessment year.

Explanation.—In this section, "industrial undertaking" means any undertaking which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining.

 

   
 

Income Tax Act 1961

What is Development rebate? Section 33 of Income Tax Act 1961

What is Development allowance? Section 33A of Income Tax Act 1961

What is Tea development account, coffee development account and rubber development account? Section 33AB of Income Tax Act 1961

What is Site Restoration Fund? Section 33ABA of Income Tax Act 1961

What is Reserves for shipping business? Section 33AC of Income Tax Act 1961

What is Rehabilitation allowance? Section 33B of Income Tax Act 1961

What is Conditions for depreciation allowance and development rebate? Section 34 of Income Tax Act 1961

What is Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies? Section 34A of Income Tax Act 1961

What is Expenditure on scientific research? Section 35 of Income Tax Act 1961

What is Expenditure on acquisition of patent rights or copyrights? Section 35A of Income Tax Act 1961

What is Expenditure on know-how? Section 35AB of Income Tax Act 1961

What is Expenditure for obtaining licence to operate telecommunication services? Section 35ABB of Income Tax Act 1961

What is Expenditure on eligible projects or schemes? Section 35AC of Income Tax Act 1961

What is Deduction in respect of expenditure on specified business? Section 35AD of Income Tax Act 1961

What is Expenditure by way of payment to associations and institutions for carrying out rural development programmes? Section 35CCA of Income Tax Act 1961

What is Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources? Section 35CCB of Income Tax Act 1961

What is Expenditure on agricultural extension project? What is Expenditure on skill development project? Section 35CCC and 35CCD of Income Tax Act 1961

What is Amortisation of certain preliminary expenses? Section 35D of Income Tax Act 1961

What is Amortisation of expenditure in case of amalgamation or demerger? What is Amortisation of expenditure incurred under voluntary retirement scheme? Section 35DD and 35DDA of Income Tax Act 1961

What is Deduction for expenditure on prospecting, etc., for certain minerals? Section 35E of Income Tax Act 1961

 

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