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Deduction in respect of Profits and Gains of Certain Undertaking or Enterprises in certain Special Category States. [Section 80-IC]

  1. Conditions - The following conditions should be satisfied –

  2. Amount of Deduction under Section 80-IC -

Provisions pertaining to section 80-IC are given in brief –

Conditions - The following conditions should be satisfied –

  1. The industrial undertaking is not formed by splitting up, or the reconstruction, of a business already in existence.

  2. The industrial undertaking should be set up in Sikkim, Himachal Pradesh, Uttaranchal or in North Eastern State.

  3. It should manufacture any article but other than those given in the Thirteenth Schedule if it is situated in the industrial zone of the relevant State. In other remaining area, it can manufacture any article given in the Fourteenth Schedule.

  4. Deduction is available in the case of new industrial undertaking or in the case of completion of substantial expansion of an existing undertaking. These activities should take place in the case of Sikkim during December 23, 2002 and March 31, 2007, in the case of Himachal Pradesh or Uttaranchal during January 7, 2003 and March 31, 2012 and North Eastern State during December 24, 1997 and March 31, 2007.

  5. Deduction should be claimed in the return of income. Return of income should be submitted on or before the due date of submission of return of income. Books of account should be audited and audit report should be submitted electronically.

Deductions under Section 80-IC

Amount of Deduction under Section 80-IC -

100% deduction is available for the first 10 years

[however, in the case of Himachal Pradesh or Uttaranchal, it is 100% for the first 5 years and 30% (25% in the case of noncorporate assessee) for the next 5 years].

 
Deductions to be made in Computing Total Income [Sections 80A to 80U (Chapter VIA)]

Related Topics...Deductions from Gross Total Income

  1. DEDUCTIONS UNDER 'CHAPTER VI-A' IN RESPECT OF "PAYMENT & INVESTMENT" ARE ALLOWED FROM SECTION 80C TO 80GGC

    Section 80C Section 80CCC Section 80CCD
    Section 80CCG Section 80D Section 80DD
    Section 80DDB Section 80E Section 80EE
    Section 80G Section 80GG Section 80GGA
  2. DEDUCTIONS UNDER 'CHAPTER VI-A' IN RESPECT OF "INCOMES" ARE ALLOWED FROM SECTION 80-IA TO 80U

    Section 80-IA Section 80-IAB Section 80-IAC
    Section 80-IB Section 80-IBA Section 80-IC
    Section 80-ID Section 80-IE Section 80-JJA
    Section 80-JJAA Section 80-LA Section 80-P
    Section 80-PA Section 80-QQB Section 80-RRB
    Section 80-TTA Section 80-TTB Section 80-U
 

 

 
 
 
 
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