https://www.taxtmi.com/acts?id=47307 Section 33AB creates a Tea Development Account allowing growers/manufacturers of tea to deduct deposits made into a NABARD special account under a Tea Board-approved scheme, limited to deposits or twenty percent of business profits, whichever is less; the deduction requires audited accounts and prescribed audit report, is non-repeatable for the same deposit and not separately allowable to partners, and is subject to restricted withdrawals, specified disallowed uses, deemed income on certain withdrawals or non utilisation, and clawback on asset transfers within eight years, with limited exceptions and a power for the Central Government to rescind the deduction. en-us Fri, 10 Jan 2025 18:10:44 +0530 Fri, 10 Jan 2025 18:10:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47307 Section 33AB creates a Tea Development Account allowing growers/manufacturers of tea to deduct deposits made into a NABARD special account under a Tea Board-approved scheme, limited to deposits or twenty percent of business profits, whichever is less; the deduction requires audited accounts and prescribed audit report, is non-repeatable for the same deposit and not separately allowable to partners, and is subject to restricted withdrawals, specified disallowed uses, deemed income on certain withdrawals or non utilisation, and clawback on asset transfers within eight years, with limited exceptions and a power for the Central Government to rescind the deduction. Act-Rules F. Acts / Amendment Acts Fri, 10 Jan 2025 18:10:44 +0530 https://www.taxtmi.com/acts?id=47307