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Questions and Answers
What is the deduction allowed under Sec. [80IB] for profits of industrial undertakings located in backward State or District?
Sec. [80IB(11B)] allows a deduction of 50% of profits from operating a hospital in a rural area.
False
For how many years is the deduction allowed under Sec. [80IB(11B)] for a hospital in a rural area?
Five years
Which States are specified under Sec. [80IC] for profit deductions?
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Under Sec. [80IC], profits from industrial undertakings in specified states can be deducted by 100%.
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Study Notes
Section 80IB
- This section allows deductions for profits from industrial undertakings located in backward states or districts.
- The deduction can be either 100% or 30% for 10 years, depending on the specific case.
Section 80IB(11B)
- This section specifically addresses deductions for hospitals operating in rural areas.
- A 100% deduction is allowed for profits from operating and maintaining a hospital in a rural area for five consecutive assessment years, beginning with the initial assessment year.
Section 80IC
- This section provides deductions for profits from industrial undertakings located in specific states.
- The states eligible for this deduction are Jammu & Kashmir, Himachal Pradesh, Uttarakhand, and the North Eastern States.
- A 100% deduction is allowed for such profits.
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Description
This quiz covers tax deductions under Section 80IB, 80IB(11B), and 80IC for industrial undertakings and hospitals located in specific areas. Explore the eligibility criteria, deduction percentages, and duration for each section. Test your understanding of tax benefits available for businesses and hospitals operating in rural and backward states.
