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Tax Holiday- Deduction (Sections - 80-IAB):
[Deductions In Respect Of Profits And Gains By An Undertaking Or Enterprise Engaged In Development Of Special Economic Zone]

2.     Deductions In Respect Of Profits And Gains By An Undertaking Or Enterprise Engaged In Development Of Special Economic Zone [Sec. 80-IAB]

        
1.   Conditions to be satisfied


2.   Amount & Period of Deduction


Section 80-IAB provides deduction to the developers of special economic zone form the assessment year 2006-2007.

1.   CONDITIONS TO BE SATISFIED :         

This section applies to any undertaking which fulfils all the following conditions, namely:-

  1. The taxpayers is a developer of a Special Economic Zone.
  2. The Gross Total Income of the taxpayer includes profits and gains derived by an undertaking from any business of developing a special economic zone.
  3. Such Special economic zone is notified on or after April 1, 2005.
  4. The Books of Accounts of the taxpayer are audited.
  5. Return of Income should be submitted on or before the due date of submission of Return of Income given  by Section 139(1).

2.   AMOUNT & PERIOD OF DEDUCTION :           

Amount of Deduction :

If the above conditions are satisfied , the taxpayer can claim 100% deduction in respect of the aforesaid  profit.

Period of Deductions :

The deduction may be claimed , at the option of the taxpayer,  for any 10 consecutive assessment years. The Deduction may be claimed , at the option of the taxpayer, for any 10 consecutive assessment years out of 15 years beginning from the year in which the special economic zone has been notified by the Central Government.
 
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