https://www.taxtmi.com/acts?id=46682 Profits and gains of newly established industrial undertakings in specified free trade zones are exempt from inclusion in the assessee's total income for the initial assessment year when production begins and the four immediately succeeding assessment years, provided the undertaking satisfies conditions preventing split ups, reconstructions, or transfer of previously used machinery. For the assessment year immediately after the exempt period and thereafter, specified allowances and deductions are to be treated as if fully given effect to in the exempt years; losses and certain deficiencies relating to the exempt years may not be carried forward or set off; certain section based deductions are disallowed in respect of the exempt profits; and written down values for depreciation must reflect hypothetical depreciation claimed during the exempt years. en-us Sat, 28 Dec 2024 11:27:07 +0530 Sat, 28 Dec 2024 11:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46682 Profits and gains of newly established industrial undertakings in specified free trade zones are exempt from inclusion in the assessee's total income for the initial assessment year when production begins and the four immediately succeeding assessment years, provided the undertaking satisfies conditions preventing split ups, reconstructions, or transfer of previously used machinery. For the assessment year immediately after the exempt period and thereafter, specified allowances and deductions are to be treated as if fully given effect to in the exempt years; losses and certain deficiencies relating to the exempt years may not be carried forward or set off; certain section based deductions are disallowed in respect of the exempt profits; and written down values for depreciation must reflect hypothetical depreciation claimed during the exempt years. Act-Rules F. Acts / Amendment Acts Sat, 28 Dec 2024 11:27:07 +0530 https://www.taxtmi.com/acts?id=46682