https://www.taxtmi.com/acts?id=46984 Statutory provision creates an Investment Deposit Account deduction allowing an assessee in an eligible business to deduct amounts deposited with the designated Development Bank or amounts used to purchase specified new assets under an approved scheme, limited to the lesser of such amounts and twenty per cent of profits of the eligible business as computed in audited accounts. The deduction requires an accountant's audit report filed with the return. Unutilised released deposits and portions of asset cost linked to prior deductions on disposals within eight years are deemed business income. en-us Fri, 03 Jan 2025 14:54:42 +0530 Fri, 03 Jan 2025 14:54:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46984 Statutory provision creates an Investment Deposit Account deduction allowing an assessee in an eligible business to deduct amounts deposited with the designated Development Bank or amounts used to purchase specified new assets under an approved scheme, limited to the lesser of such amounts and twenty per cent of profits of the eligible business as computed in audited accounts. The deduction requires an accountant's audit report filed with the return. Unutilised released deposits and portions of asset cost linked to prior deductions on disposals within eight years are deemed business income. Act-Rules F. Acts / Amendment Acts Fri, 03 Jan 2025 14:54:42 +0530 https://www.taxtmi.com/acts?id=46984