28 January 2013
I was form a firm in 2007 which doing a business of warehouse(storage of food grains). In Ass. Year 2011-12 i filed return and claimed deduction u/s 80IB but Income tax department are not give me deduction in this regard and raised demand against me. so suggest me can i claimed under 80IB then how i claimed Deduction under this Section.
29 January 2013
If yours is an integrated organisation engaged in handling,storage and transportation of food grains, you are eligible for deduction U/S 80IB :The eligibility is as follows For companies : 100% of profit -deductible for first five years beginning with first assessment year. 30% of profit deductible for next 5 years. For others :100% of profit deductible for first five years beginning with first assessment year. 25% of profit deductible for next 5 years. You should file an appeal for above with Income Tax department.
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