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of <h1>Section 33AB: Tax Deduction for Indian Tea Growers Requires Special Account Deposit, Subject to Conditions and Penalties for Non-Compliance.</h1> Section 33AB of the Income-tax Act, as amended by the Finance Act, 1990, allows a deduction for businesses involved in growing and manufacturing tea in India. To qualify, the business must deposit funds in a special account with the National Bank, as approved by the Tea Board, within a specified timeframe. The deduction is the lesser of the deposited amount or 20% of business profits. Restrictions apply on withdrawals and the use of funds, with penalties for non-compliance. The section outlines conditions for auditing, withdrawal circumstances, and exceptions for asset transfers, with the Central Government retaining authority to discontinue the deduction.
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