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of <h1>Development Rebate for Ships, Machinery, and Plants under Rule 5B and Section 33(1A) of Income Tax Rules Explained</h1> The statutory provision under Rule 5B of the Income Tax Rules, 1962, outlines the development rebate applicable to ships, machinery, or plants as specified in section 33(1A). For ships acquired within seven years of construction, a rebate of 30% of the actual cost is allowed; otherwise, the rebate is 20%. For machinery or plants installed post-March 31, 1964, a 20% rebate applies if installed before April 1, 1966, for coal mining purposes, and 10% in other cases. The term 'actual cost' is defined as per section 43(1).
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