Deduction under Section 80J: strengthened eligibility, audit and market value rules to prevent valuation and related party manipulation. Amendments revise eligibility and computation for the deduction for profits and gains from industrial undertakings, hotels and ships: the applicable rate ... Summary
Deduction under Section 80J: strengthened eligibility, audit and market value rules to prevent valuation and related party manipulation.
Amendments revise eligibility and computation for the deduction for profits and gains from industrial undertakings, hotels and ships: the applicable rate for certain new undertakings is increased; exclusions for transferred previously used buildings are clarified; life for capital computation is extended; imported machinery not previously used in India and transfers below a twenty percent threshold are excluded from being treated as previously used; non company assessees must furnish audited accounts to claim the deduction; transfers between related businesses must be valued at market value and the Income tax Officer may re compute profits where arrangements produce abnormal profits.
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