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of <h1>Section 80QQ Introduced: 20% Tax Deduction for Book Publishing Profits in India, Excludes Periodicals and Brochures</h1> A new section, 80QQ, is added to the Income-tax Act, 1961, by the Taxation Laws (Amendment) Act, 1970. This section allows a 20% deduction on profits and gains from the business of printing and publishing books in India for the assessment year starting April 1, 1971, and the following four years. If the assessee is eligible for deductions under sections 80H, 80J, or 80P, the deduction under section 80QQ applies to profits reduced by these sections. The term 'books' excludes newspapers, journals, magazines, diaries, brochures, tracts, pamphlets, and similar publications.
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