section 80 IC
This query is : Resolved
19 September 2009
Please tell me whether the deduction under section 80 IC of income tax act it is 100% upto first 5 years or after it is 25% or 30%
CA.Tarun Maheshwari
(Expert)
20 September 2009
Yes. During the first five years from the year of production, it is 100% for all assessees. And next five years it is allowable at the rate of 30% for companies and 25% for oher assessees. Means 70% or 75% shall be chargeable to tax.
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