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of <h1>World Bank-Backed Housing Projects Get Tax Breaks: 40-10% Deductions for Eligible Entities Under Specific Conditions</h1> The statutory provision outlines tax deductions for housing projects aided by the World Bank. Eligible Indian companies or residents can claim deductions of 40%, 30%, 20%, and 10% for specific assessment years from 2001 to 2004. Deductions are contingent upon maintaining separate project accounts, auditing requirements, and crediting a specified percentage to a Housing Projects Reserve Account. Misuse of reserved funds can lead to tax reassessment, and no additional deductions are permitted under other provisions for the same project.
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