Deduction for new industrial and hotel profits in backward areas allowed subject to eligibility, conditions and audit requirements. A new provision allows a deduction from profits of newly established industrial undertakings and hotels in specified backward areas, subject to ... Summary
Deduction for new industrial and hotel profits in backward areas allowed subject to eligibility, conditions and audit requirements.
A new provision allows a deduction from profits of newly established industrial undertakings and hotels in specified backward areas, subject to commencement, non-reconstruction and non-transfer-of-used-machinery conditions, employment or approval thresholds, a limited-period entitlement commencing with the year operations start, audit and reporting requirements for non-corporate assessees, market-value treatment for inter-business transfers, anti-avoidance adjustments for transactions with connected persons, computation powers for tax officers in difficult cases, interaction rules with related deductions, and an exclusion for mining.
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