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of <h1>Tea Plantations Get Tax Relief: Section 33A Offers Deduction on Planting Costs, Carry Forward Up to 8 Years</h1> Section 33A of the Income Tax Act, introduced by the Finance Act of 1965, provides a development allowance for tea plantation businesses in India. It allows a deduction of 40% of the planting cost for new or previously abandoned land and 20% for replacing dead or useless tea bushes. The deduction applies in the third year after planting preparation, subject to conditions like maintaining a reserve account and restrictions on land transfer. If the allowance exceeds income, it can be carried forward for up to eight years. Specific rules apply for amalgamations and business successions, and costs exceeding specified limits are excluded.
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