Income-Tax Act 1961 Amended Through Finance Act 2015 to Provide Certain Tax Benefits to Notified Backward Areas in Specified States Including State of Bihar to Give These Areas an Opportunity to Grow Faster;21 Districts of Bihar Notified as Backward Areas;

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....ncome-Tax Act 1961 Amended Through Finance Act 2015 to Provide Certain Tax Benefits to Notified Backward Areas in Specified States Including State of Bihar to Give These Areas an Opportunity to Grow Faster;21 Districts of Bihar Notified as Backward Areas; <br>News and Press Release<br>Dated:- 19-8-2015<br><BR>Any Manufacturing Undertaking or Enterprise Set-Up During the Period From 01.04.2015 to 3....

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....1.03.2020 in the Aforesaid Backward Areas of Bihar will be Eligible for 15% Additional Depreciation and 15% Investment Allowance Under the Income-Tax Act, on the Cost of Plant and Machinery Acquired and Installed by it During the Said Period The provisions of the Income-tax Act 1961 have been amended through Finance Act 2015 to provide certain tax benefits to notified backward areas in specified....

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.... States including State of Bihar to give these areas an opportunity to grow faster. To give effect to the amendment, the following 21 districts of Bihar have been notified as Backward Areas vide Notification No. S.O. 2241(E) dated 17.08.2015: 1. Patna 2. Nalanda 3. Bhojpur 4. Rohtas 5. Kaimur 6. Gaya 7. Jehanabad 8. Aurangabad 9. Nawada 10. Vaishali 11. Sheohar 12. Samasti....

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....pur 13. Darbhanga 14. Madhubani 15. Purnea 16. Katihar 17. Araria 18. Jamui 19. Lakhisarai 20. Supaul 21. Muzaffarpur Any manufacturing undertaking or enterprise set-up during the period from 01.04.2015 to 31.03.2020 in the aforesaid backward areas of Bihar will be eligible for 15% additional depreciation under Section 32(1)(iia) and 15% investment allowance under Section 32AD ....

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....of the Income-tax Act, on the cost of plant and machinery acquired and installed by it during the said period. The aforesaid incentives are in addition to other tax benefits available under the Income-tax Act. Thus a manufacturing undertaking/enterprise set up in any of these areas during the aforesaid period will be eligible for 35% (instead of 20%) of additional depreciation. This would be over ....

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....and above the normal depreciation of 15%. Besides, a company engaged in manufacturing will also be eligible for 30% (instead of 15%) of investment allowance if its investment in new plant and machinery during the period 1.4.2015 to 31.3.2017 exceeds &#8377; 25 crore. Notification No. S.O. 2241(E) dated 17.08.2015 to this effect is available on the website www.incometaxindia.gov.in.<BR> News - Pre....

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....ss release - PIB....