Established a dairy industry in rural place in telangans state and provide employment fot 100 members. Shall I eligible for any exemptions or tax relief under Income Tax Act?
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Exemptions and tax relief
Replies (8)
pls read 80P of income tax Act,1961
you are registered as company or co-op society?
if u employed regular workmen more than 50 then u r also eligible to take deduction u/s 80JJAA @ 30% of the wages
As Private Limited
Sir u can claim deduction u/s 80JJAA @ 30% of wages to new workmen, if your undertaking is in notified backward area of Telangana state then you can claim additional depreciation @ 35% on new plant and machinery acquired and installed during P.Y., also you can claim deduction u/s 32AD @ 15% on new plant & machinery installed during P.Y.
Sir
How to know the areas notified in Telangana State.
C.G has notified backward districts of Bihar recently, for Telangana state it is yet to be notified sir..
Saving of Income Tax-Salaried Vs Self Employed
https://www.dealsofloan.com/saving-income-tax-salaried-vs-self-employed/
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