Section 33 of ITA, 1961 : Section 33: Development Rebate
ITA, 1961
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Explanation using Example
Imagine a manufacturing company 'X' that decides to expand its production capacity in the financial year 2022-23. To do this, 'X' purchases new machinery for manufacturing widgets, which is an article specified in the Fifth Schedule of the Income-tax Act. The cost of this new machinery is INR 10 million.
Under Section 33 of the Income-tax Act, 1961, 'X' can claim a development rebate. Assuming the machinery was installed after Ma...
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