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What is the maximum deduction percentage allowed for an industrial undertaking in backward States under Sec. [80IB]?
What is the maximum deduction percentage allowed for an industrial undertaking in backward States under Sec. [80IB]?
The maximum deduction allowed is either 100% or 30%, depending on the specific case.
How long is the duration for which a hospital operating in a rural area can claim a 100% profit deduction under Sec. [80IB(11B)]?
How long is the duration for which a hospital operating in a rural area can claim a 100% profit deduction under Sec. [80IB(11B)]?
A hospital can claim a 100% profit deduction for a period of five consecutive assessment years.
Which states are specified under Sec. [80IC] for claiming a 100% deduction on profits from industrial undertakings?
Which states are specified under Sec. [80IC] for claiming a 100% deduction on profits from industrial undertakings?
The specified states are Jammu & Kashmir, Himachal Pradesh, Uttarakhand, and the North Eastern States.
Under what condition can an industrial undertaking in a backward district receive a 100% deduction?
Under what condition can an industrial undertaking in a backward district receive a 100% deduction?
What is the purpose of the deductions allowed under Sec. [80IB] and [80IC]?
What is the purpose of the deductions allowed under Sec. [80IB] and [80IC]?
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Study Notes
Deductions for Industrial Undertakings
- [80IB] is a provision that allows for deductions on profits of industrial undertakings situated in backward states or districts.
- Businesses can receive either a 100% or 30% deduction for a period of 10 years, depending on individual circumstances.
- [80IB(11B)] is a specific provision focusing on hospitals operating in rural areas.
- Hospitals benefit from 100% deduction on their business profits for five consecutive assessment years, starting from the initial assessment year.
- [80IC] covers industrial undertakings located in states like Jammu & Kashmir, Himachal Pradesh, Uttarakhand, and the North-Eastern states.
- These businesses are eligible for a 100% deduction on their profits.
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