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80ic

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This query is : Resolved

pankaj (Querist)

27 December 2012 Is deduction u/s 80IC is available in case no direct sale from the eligible units bt through its various branches situated in other states?

SANJAY TALATI

SANJAY TALATI (Expert)

28 December 2012 The deduction u/s 80 IC is available in respect of the profits earned from the undertaking situated in the special category of the states. This is for the upliftment of the industrial growth of that backward states.

The essential conditions for claiming the deduction u/s 80 IC is that the unit should be spearately identified, it should manufacture the eligible products, it should have the New & old Plant & Machinery proportion of 80 :20, it should get the audit report for that unit in form 10CCb from the auditors.

Hence, the profits from varioud branches is not eligible, the unit should have separate identoty.

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