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of <h1>Section 32AB Deduction: Deposit in Development Bank or Buy New Assets for Business Tax Benefits.</h1> Section 32AB of the Income-tax Act, introduced by the Finance Act, 1986, allows a deduction for assessees with business or professional income. To qualify, assessees must either deposit funds into a Development Bank account or use funds to purchase new assets like ships, aircraft, or machinery within a specified timeframe. The deduction is the lesser of the deposited/utilized amount or 20% of eligible business profits. The section outlines conditions for eligible businesses, asset definitions, and audit requirements. It also specifies tax implications for unutilized funds and asset transfers within eight years, with exceptions for transfers to government entities or during business successions.
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