Income tax scheme

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amit pandey (Querist)
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25 December 2011 can any one let me know in which section it is covered
for reference pls see the following link
https://mofpi.nic.inContentPage.aspx?CategoryId=137
Income tax relief:
· Income Tax rebate is allowed, 100% of profits for 5 years and 25% of profits for the next 5 years, for new industries to process, preserve and package fruits and vegetables.

My question are :-
1) in which section is the income tax exemption covered
2) and is it applicable in state of maharashtra
3)Is the above scheme can be availed for a company 4 years old

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 December 2011 You may refer Section 80-IB(11A) which is applicable to Maharashtra also.
Old company can form a new unit or undertaking say "XYZ Preservers" and can claim deduction in respect to profits of this new undertaking. SO the answer is- yes.

amit pandey

amit pandey (Querist)
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27 December 2011 Sir ,thanks a lot sir
can the above mentioned exemption will be undertaken by a sauce (made up of green chilli and red chilli) company

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