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of <h1>Guidelines for Creating Development Rebate Reserve u/s 34(3)(a) of Income-tax Act, 1961 Clarified.</h1> The circular addresses the creation of a development rebate reserve under section 34(3)(a) of the Income-tax Act, 1961. It clarifies that the reserve created for machinery or plant, either in the year of installation or in subsequent years, should equal 75% of the development rebate to be allowed. This condition is met if the accumulated reserve equals the requisite amount at the time of actual allowance. The Board instructs Income-tax Officers to follow these guidelines in pending assessments and to review past assessments accordingly.
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