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.

AI Summary

Conversion to LLP Ends Tax Holiday Benefits Under Section 80IC; Name Change Alone Doesn't Affect Benefits A query was raised regarding the continuation of tax holiday benefits under Section 80IC of the Income Tax Act after converting a company into a Limited Liability Partnership (LLP). The inquiry also questioned if a change in the company's name, without altering directors, partners, or shareholders, would affect the tax holiday. The response indicated that the exemption or deduction benefits available to a company under various sections, including Section 80IC, are not extended to an LLP upon conversion. This suggests that amendments related to LLPs have been insufficiently addressed.