Deduction for Tea, Coffee, Rubber Business - Section 33AB

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..... wing: Amount deposited in NABARD or Deposit Account. 40% of PGBP of such business before deduction u/s 33AB Notes: Deduction to be allowed before setting off the brought forward losses. Deduction u/s 33AB is given from the composite income from business of growing and manufacturing tea/coffee/rubber i.e. composite of exempt non-exempt income. It is not given from the non-exempt income. Conditions: .....

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..... Death of an assessee Closure of Business Partition of HUF Dissolution of firm Liquidation of company *Taxable under the head PGBP in the year of withdrawal. Misutilisation of money from NABARD/ Deposit Account: If any amount deposited with NABARD/ Deposit account is utilized for purchase of following assets, then the amount so utilized shall be deemed to be the income of the previous year in whic .....

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..... enue expenditure, such expenditure shall not be allowed as a deduction in computing PGBP. Where amount withdrawn from NABARD/ Deposit account is used as per the scheme for purchase of any Plant Machinery, then depreciation shall not be allowed on such plant machinery. If the amount is withdrawn from the purpose of scheme and is fully/ partly not utilize in the previous year in which it is withdraw .....

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