Section 34 of ITA, 1961 : Section 34: Conditions For Depreciation Allowance And Development Rebate
ITA, 1961
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Explanation using Example
Imagine a company in India, XYZ Pvt. Ltd., that specializes in manufacturing textiles. In the financial year 2020-2021, the company decides to upgrade its manufacturing capacity by installing new machinery. The cost of this machinery is INR 10 million. XYZ Pvt. Ltd. is aware that under Section 33 of the Income-tax Act, they can claim a development rebate, which is a deduction from their taxable income, for investing in new plant and machinery.
However, to avail this deduction, Section 34(3)(a) stipulates that XYZ Pvt. Ltd. must debit an amount equal to 75% of the development rebate to its profit and loss account. This means that if the company is eligible for a development reb...
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