deduction u/s 80ic continued after conversion into LLP

[Guest]

We are claiming dedcution u/s 80IC from AY 10-11 for unit at Haridwar.We want to convert company into LLP. Please adivse: a) Whether tax holiday benefit under Section 80IC of the Income Tax Act available to the industrial undertaking/unit/company continue post conversion to LLP. b) Whether any change in the name now or after conversion in to LLP without changing in Directors/partners/shareholders, would affect the Tax Holiday under Section 80IC.

[Mukesh Kumar]

The benefit of exemption/deduction available to the company u/s.10A, u/s.10AA, u/s.10B, u/s.10C, u/s.35A, u/s.35AB, u/s.35D, u/s.35DD, u/s.80IA, u/s.80IB, u/s.80IC, u/s.80ID, u/s.80IE, etc. for the unexpired period has not been granted to the LLP on conversion.

That's why it is called that amendments regarding LLP have been made half heartedly.

AI Summary

Tax holiday continuity after conversion to LLP: exemptions under Section 80IC are not available to LLP on conversion The reply states that tax-exemption or deduction benefits available to a company under Section 80IC and related incentive provisions for the unexpired period have not been granted to an LLP on conversion, indicating that such company-specific tax incentives are not recognised as continuing after conversion to an LLP.