TaxTMI 
TaxTMI 
Deduction in respect of profit and gains from industrial undertakings other than infrastructure development undertakings - (New) Section 141 / (old) Section 80-IB
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....ts and gains derived from such business for such tax year under the provisions of the said section, as if the said Act had not been repealed, • there shall be allowed, in computing the total income of the assessee, a deduction from the profits and gains derived from such business, subject to the conditions that- • (i) the amount of deduction is calculated as per the provisions of section 80-IB of the Income-tax Act, 1961; and • (ii) the deduction under this Act shall be allowed only for such tax years, as would have been allowed under section 80-IB of the Income-tax Act, 1961, as if the said Act had not been repealed. Filling a Separate Form along with Relevant Document....
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....e following amount: i. In case of an industrial undertaking located in an industrial Backward State: • For the initial 5 assessment years - 100% of the profit and gains derived from such undertaking and • Thereafter, for the next 5 assessment years - following percentage allowed deduction of the profits and gains derived from such industrial undertaking 25% in case of any other person 30% in case of a company 25% for 7 assessment years in case of co-operative society. ii. In case of an industrial undertaking located in an industrial Backward district: For the initial 5 assessment years - 100% of the profit and gains derived from such undertaking and Thereafter....
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....ining of mineral oil in any part of India. The deduction is 100% of the profits from such business for the 7 consecutive assessment years including the initial assessment year. Initial assessment year means the assessment year relevant to the previous year in which the undertaking commences the commercial production or refining of mineral oil. 2. The deduction under section 80-IB shall be: • 100% of the profits for a period of 7 consecutive Assessment Years • Derived from an undertaking which is engaged in commercial production of natural gas in blocks licensed under the New Exploration Licensing Policy (NELP) • And which begins commercial production of natural gas • The deduction shall....
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....these cities and 1500 square feet at any other place and the built up area of the shops and other commercial establishments included in the housing project does not exceed 3% of the aggregate built-up area of the housing project or five thousand square feet, whichever is higher. not more than one residential unit in the housing project is allotted to any person not being an individual and in a case where a residential unit in the housing project is allotted to a person being an individual, no other residential unit in such housing project is allotted to any of the following persons, namely: i. the individual or the spouse or the minor children of such individual ii. the HUF in which such individual is....