Sec 80IC of INCOME TAX
This query is : Resolved
26 July 2010
Hai !
Can you guide me about the following query?
WHAT ARE THE CONSEQUENCES IF A COMPANY,WHICH IS IN THE 100% EXEMPTION ZONE, CLOSED ITS OPERATIONS BEFORE 5 YEAR AND COMPLETION OF 5TH YEAR OF ITS TENURE ALLOWED?
awaiting reply.
thanking you
Can you guide me about the following query?
WHAT ARE THE CONSEQUENCES IF A COMPANY,WHICH IS IN THE 100% EXEMPTION ZONE, CLOSED ITS OPERATIONS BEFORE 5 YEAR AND COMPLETION OF 5TH YEAR OF ITS TENURE ALLOWED?
awaiting reply.
thanking you
26 July 2010
It's sad that the company closed its operation during the period when its profits were 100% exempt. By consequences - if you mean withdrawing of deductions granted earlier, there is no such provision.
If it restarts its business it is entitled for the deduction for remaining period which will be calculated from the initial year.
If it restarts its business it is entitled for the deduction for remaining period which will be calculated from the initial year.
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