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of <h1>New Rules for Semiconductor Wafer Units: Apply for Tax Benefits Under Section 35AD with Form No. 3CS</h1> The Income-tax (14th Amendment) Rules, 2014, issued by the Central Board of Direct Taxes, outlines the procedure for notifying a semiconductor wafer fabrication manufacturing unit as a specified business under section 35AD of the Income-tax Act, 1961. Applicants must submit Form No. 3CS to the Board, which may request additional information or issue a deficiency letter. The unit must be exclusively for semiconductor fabrication, approved under the Modified Special Incentive Package Scheme, and commence operations on or after April 1, 2014. Separate accounts must be maintained for tax benefits, and the Board may withdraw approval if conditions are not met.
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