Income Tax Rules amended to bring into effect the deduction for certain areas
As per Section 80IC of the Income Tax Act introduced with effect from 1.4.2004, a hundred percent deduction from profits is allowed for a period of ten years for an undertaking or enterprise
1. which produces or carries on substantial expansion between December 2002 and April 2012, in Sikkim, or
2. from January 2003 to April 2012, in certain areas of Himachal Pradesh or Uttarannchal, or
3. from December 1997 to April 2007 in certain areas in the North eastern States.
As per Rule 18BBB of the Income Tax Rules, for claiming the benefits, an audit report in Form 10CCB has to be furnished. Now this rule is amended to include Section 80 IC and prescribe a new Form 10CCB.
NOTIFICATION NO , Dated : February 4, 2005