Section 80-I of ITA, 1961 : Section 80-I: Deduction In Respect Of Profits And Gains From Industrial Undertakings After A Certain Date, Etc
ITA, 1961
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Explanation using Example
Imagine a company named "TechFab Innovations," which started a new industrial undertaking to manufacture eco-friendly packaging materials in 2021. The company meets all the conditions specified under Section 80-I of the Income-tax Act, 1961, such as:
- It is not formed by splitting up or reconstructing an existing business.
- It has not transferred any previously used machinery to the new business.
- It employs more than ten workers with the aid of power in its manufacturing process.
Since TechFab Innovations started ...
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