What are Special provisions in respect of certain undertakings in North-Eastern States? Section 80-IE of Income Tax Act 1961
Special provisions in respect of certain undertakings in North-Eastern States is defined under section 80-IE of Income Tax Act 1961. Provision under this Section is:
Section 80-IE of Income Tax Act "Special provisions in respect of certain undertakings in North-Eastern States"
Section 80-IE. (1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking, to which this section applies, from any business referred to in sub-section (2), there shall be allowed, in computing the total income of the assessee, a deduction of an amount equal to hundred per cent of the profits and gains derived from such business for ten consecutive assessment years commencing with the initial assessment year.
(2) This section applies to any undertaking which has,
during the period beginning on the 1st day of April, 2007
and ending before the 1st day of April, 2017, begun or
begins, in any of the North-Eastern States,-
(3) This section applies to any undertaking which fulfils all the following conditions, namely :-
(i) it is not formed by splitting up, or the reconstruction, of a business already in existence :
Provided that this condition shall not apply in respect of an undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such undertaking as referred to in section 33B, in the circumstances and within the period specified in the said section;
(ii) it is not formed by the transfer to a new business
of machinery or plant previously used for any purpose.
(4) Notwithstanding anything contained in any other provision of this Act, in computing the total income of the assessee, no deduction shall be allowed under any other section contained in Chapter VIA or in section 10A or section 10AA or section 10B or section 10BA, in relation to the profits and gains of the undertaking.
(5) Notwithstanding anything contained in this Act, no deduction shall be allowed to any undertaking under this section, where the total period of deduction inclusive of the period of deduction under this section, or under section 80-IC or under the second proviso to sub-section (4) of section 80-IB or under section 10C, as the case may be, exceeds ten assessment years.
(6) The provisions contained in
sub-section (5) and sub-sections (7) to (12) of section
80-IA shall, so far as may be, apply to the eligible
undertaking under this section.
What are the Deductions to be made with reference to the income included in the gross total income? What are Deduction not to be allowed unless return furnished? Section 80AB and 80AC of Income Tax Act 1961
What are the Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc? Section 80C of Income Tax Act 1961