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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?
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.
Sec. [80IB(11B)] allows a deduction of 50% of profits from operating a hospital in a rural area.
False (B)
For how many years is the deduction allowed under Sec. [80IB(11B)] for a hospital in a rural area?
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?
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%.
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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