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Deductions u/s 80 ic

This query is : Resolved

PREM CHAND VERMA (Querist)
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22 November 2011 WE HAVE A PHARMA UNIT IN BADDI H.P.GETTING DEDUCTIONS U/S 80 IC STARTED WITH EFFECT FROM FY 2008-09.NOW WE ARE FURTHER EXPANDING OUR PLANT BY INTRODUCING A NEW PRODUCTION SECTIONS WHICH WILL START BY FEB 2012. COST OF EXPANSION IS MORE THAN 50% OF EXISTING PLANT & MACHINERY . WILL BE ABLE TO GET TAX & EXCISE DUTY EXEMPTION BENEFIT OF THIS EXPANSION .IF SO KINDLY GIVE BRIEF DETAILS & REFERENCE.

Mohit

Mohit (Expert)
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22 November 2011 yes expansion being more then 50 % of existing plant it will be eligible for tax and excise duty exemption benefit if the expansion ends before 1.4.2012. So expansion shall end before 1.4.2012 to claim tax benefits for the expansion u/s 80IC.
Sir you can take subsidy as well on expansion on the loan taken under CLCSS

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