Section 80Q of ITA, 1961 : Section 80Q: Deduction In Respect Of Profits And Gains From The Business Of Publication Of Books

Explanation using Example

Imagine a publisher, "Bright Minds Publications," which specializes in educational books. For the assessment year 1993-94, the company's gross total income includes profits of INR 500,000 from the business of printing and publishing textbooks. Under Section 80Q of the Income-tax Act, 1961, Bright Minds Publications is eligible for a deduction of 20% on these profits. This means they can claim INR 100,000 (20% of INR 500,000) as a deduction, reducing th...

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