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TMI BlogDeduction in respect of profit and gains from industrial undertakings other than infrastructure development undertakings - Section 80-IBX X X X Extracts X X X X X X X X Extracts X X X X ..... if it manufactures or produces any article or thing not being any article or thing specified in the list in the Eleventh Schedule. Deduction in respect of profit and gains from industrial undertakings other than infrastructure development undertakings - Section 80-IB 1. The deduction in case of an assessee whose gross total income includes any profits and gains from any business of an industrial undertaking, shall be of the following amount: i. In case of an industrial undertaking located in an industrial Backward State : For the initial 5 assessment years 100% of the profit and gains derived from such undertaking and Thereafter, for the next 5 assessment years following percentage allowed deduction of the profits and gains derived from suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enty or more workers in a manufacturing process carried on without the aid of power. The deduction is available to any undertaking which begins commercial production or refining of mineral oil in any part of India. The deduction is 100% of the profits from such business for the 7 consecutive assessment years including the initial assessment year. Initial assessment year means the assessment year relevant to the previous year in which the undertaking commences the commercial production or refining of mineral oil. 2. The deduction under section 80-IB shall be: 100% of the profits for a period of 7 consecutive Assessment Years Derived from an undertaking which is engaged in commercial production of natural gas in blocks licensed under the New ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mumbai or within 25 kilometers from the municipal limits of these cities and 1500 square feet at any other place and the built up area of the shops and other commercial establishments included in the housing project does not exceed 3% of the aggregate built-up area of the housing project or five thousand square feet, whichever is higher. not more than one residential unit in the housing project is allotted to any person not being an individual and in a case where a residential unit in the housing project is allotted to a person being an individual, no other residential unit in such housing project is allotted to any of the following persons, namely: i. the individual or the spouse or the minor children of such individual ii. the HUF in whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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