Tea development account, coffee development account and rubber development account.33AB. (1) Where an assessee carrying on business of growing and manufacturing tea or coffee or rubber
in India has, before the expiry of six months from the end of the previous year or before the due date of
furnishing the return of his income, whichever is earlier,-
| (a) | - | deposited with the National Bank any amount or amounts in an account (hereafter in this section referred to as the special account) maintained by the assessee with that Bank in accordance with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme) approved in this behalf by the Tea Board or the Coffee Board or the Rubber Board; or |
| (b) | - | deposited any amount in an account (hereafter in this section referred to as the Deposit Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme framed by the Tea Board or the Coffee Board or the Rubber Board, as the case may be (hereafter in this section referred to as the deposit scheme), with the previous approval of the Central Government, |
the assessee shall, subject to the provisions of this section, be allowed a deduction (such deduction being allowed before the loss, if any, brought forwa
.... To read the full section download the app from Google Play store
CAclubindia
