Income Tax Rules amended to insert Rule 18DD - exemption to rural hospitals
A new Section 80IB (11B) was added to the Income Tax Act by the Finance Act 2004 with effect from 1.4.2005 to provide for a 100% deduction in case of hospitals subject to the conditions that
(i) such hospital is constructed at any time during the period beginning on the 1st day of October, 2004 and ending on the 31st day of March, 2008;
(ii) the hospital has at least one hundred beds for patients;
(iii) the construction of the hospital is in accordance with the regulations, for the time being in force, of the local authority; and
(iv) the assessee furnishes along with the return of income, the report of an audit in such form and containing such particulars as may be prescribed, and duly signed and verified by an accountant, as defined in the Explanation below sub-section (2) of section 288, certifying that the deduction has been correctly claimed.
Now the Government has prescribed form 10CCBC as the form in which the report is to be furnished.
Also see our edit on exemption to hospitals.
NOTIFICATION NO., Dated : February, 17, 2005