Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

Tax Deductions: Sections 80IB, 80IB(11B), 80IC

5 Questions

0 Views

Tax Deductions: Sections 80IB, 80IB(11B), 80IC

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the deduction allowed under Sec. [80IB] for profits of industrial undertakings located in backward State or District?

30%

100%

No deduction

Both 100% and 30% (correct)

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?

<p>All of the above</p> Signup and view all the answers

Under Sec. [80IC], profits from industrial undertakings in specified states can be deducted by 100%.

<p>True</p> Signup and view all the answers

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.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

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.