33 AB Deposit, Income Tax

[P S SATYA NARAYANA]

Kindly clarify - whether excess amount drawn from the Development Account (Sec 33AB) can be carried forward to  subsequent year, within the scheme peirod of 4 years. 

That is to say >>>>  In the year of excess amount drawn >>  offer it to  tax and subsequent year claim it back on actual spent, since the amount spent is within the Scheme period.

Posts / Replies

[CA GOPALJI AGRAWAL]

But the maximum amount is lower of two:

1. A sum deposited in the special account 

2. 40% of the business profit

Which ever is lower.