Deduction for Tea, Coffee, Rubber Business - Section 33AB

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... * Amount deposited in NABARD or Deposit Account. * 40% of PGBP of such business before deduction u/s 33AB Notes: * Deduction to be allowed before setting off the brought forward losses. * Deduction u/s 33AB is given from the composite income from business of growing and manufacturing tea/coffee/rubber i.e. composite of exempt & non-exempt income. It is not given from the non-exempt incom....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ircumstances: Non Taxable Taxable* Death of an assessee Closure of Business Partition of HUF Dissolution of firm Liquidation of company *Taxable under the head PGBP in the year of withdrawal. Misutilisation of money from NABARD/ Deposit Account: If any amount deposited with NABARD/ Deposit account is utilized for purchase of following assets, then the amount so utilized shall be deemed....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....posit account is utilized as per the scheme for the purpose of any revenue expenditure, such expenditure shall not be allowed as a deduction in computing PGBP. * Where amount withdrawn from NABARD/ Deposit account is used as per the scheme for purchase of any Plant & Machinery, then depreciation shall not be allowed on such plant & machinery. * If the amount is withdrawn from the purpose of sc....