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Exemptions and tax relief

HARI KRISHNA VOOTUKURI (Manager) (42 Points)

15 June 2016

Established a dairy industry in rural place in telangans state and provide employment fot 100 members. Shall I eligible for any exemptions or tax relief under Income Tax Act?

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8 Replies

NV KIRANKUMAR REDDY (student) (123 Points)
Replied 15 June 2016

pls read 80P of income tax Act,1961

1 Like

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 15 June 2016

you are registered as company or co-op society?

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Raj Kumar (--) (98 Points)
Replied 15 June 2016

if u employed regular workmen more than 50 then u r also eligible to take deduction u/s 80JJAA @ 30% of the wages

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HARI KRISHNA VOOTUKURI (Manager) (42 Points)
Replied 16 June 2016

As Private Limited

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 16 June 2016

Sir u can claim deduction u/s 80JJAA @ 30% of wages to new workmen, if your undertaking is in notified backward area of Telangana state then you can claim additional depreciation @ 35% on new plant and machinery acquired and installed during P.Y., also you can claim deduction u/s 32AD @ 15% on new plant & machinery installed during P.Y.

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