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of <h1>Industrial Companies Must Calculate Income for Concessional Tax Rate Before Deductions: Board Issues Guidance u/s 2(6)(d).</h1> An industrial company is entitled to a concessional tax rate under the Finance Act, 1968, as defined in section 2(6)(d). An industrial company is one primarily engaged in electricity generation, ship construction, manufacturing, or mining. For a company to qualify, at least 51% of its total income must come from these activities before deductions under Chapter VIA of the Income Tax Act. A Revenue Audit highlighted a case where this was incorrectly calculated after deductions. The Board has accepted this objection and instructs assessing officers to adhere to the correct calculation method.
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