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of <h1>Tax Exemptions for North-Eastern Industries: Section 10C Offers 10-Year Relief for New Undertakings Meeting Specific Criteria.</h1> Section 10C of the Income-tax Act, introduced by the Finance Act, 1999, provides tax exemptions for profits and gains from industrial undertakings in the North-Eastern Region. These undertakings must begin production on or after April 1, 1998, and meet specific conditions, such as not being formed by splitting or reconstructing existing businesses or using previously used machinery. The exemption applies for ten consecutive assessment years. Certain deductions and loss carry-forwards are not allowed, and depreciation is computed as if deductions were claimed. Assessees can opt out by declaring so before filing their income return.
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