https://www.taxtmi.com/acts?id=46636 A provision allows a deduction from profits and gains of qualifying industrial undertakings, ships and hotel businesses equal to a specified percentage (higher for companies). Eligibility requires new formation, non-use of previously used plant subject to exceptions, commencement within a prescribed start-up period, and employment thresholds for manufacturing. The deduction applies in the initial assessment year and a fixed number of succeeding years; non-corporate claimants must produce an audited report. Transfers between businesses are valued at market value for computing the deduction and tax authorities may adjust profits for connected-party arrangements. en-us Thu, 26 Dec 2024 13:02:33 +0530 Thu, 26 Dec 2024 13:02:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46636 A provision allows a deduction from profits and gains of qualifying industrial undertakings, ships and hotel businesses equal to a specified percentage (higher for companies). Eligibility requires new formation, non-use of previously used plant subject to exceptions, commencement within a prescribed start-up period, and employment thresholds for manufacturing. The deduction applies in the initial assessment year and a fixed number of succeeding years; non-corporate claimants must produce an audited report. Transfers between businesses are valued at market value for computing the deduction and tax authorities may adjust profits for connected-party arrangements. Act-Rules F. Acts / Amendment Acts Thu, 26 Dec 2024 13:02:33 +0530 https://www.taxtmi.com/acts?id=46636