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of <h1>Twenty percent deduction on profits for new industrial undertakings and hotels in notified backward areas, subject to specified conditions</h1> A deduction equal to twenty percent of profits from newly established industrial undertakings or hotels in designated backward areas is allowed, subject to conditions: commencement within prescribed historical dates, not formed by splitting/reconstruction or by transfer of pre-used machinery beyond a limited threshold, minimum employment levels for manufacturing, and Central Government approval for hotels. The deduction applies for ten assessment years from start (with transitional reduction), requires audited accounts for non-company assessees, mandates market-value treatment for intra-company transfers, permits assessing officer adjustments for connected-party arrangements, excludes mining undertakings, and relies on government notification defining backward areas.
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