FAST TRACK ------ PGBP (PART-2)
REVISION TIME(IMPORTANTN SECTIONS)
DEDUCTION IN RESPECT OF EXPENDITURE ON SPECIFIED BUSINESS---- SEC. 35AD
| SPECIFIED BUSINESS | ELIGIBLE ASSESSEE | DATE OF COMMENCEMENT OF BUSINESS ON OR AFTER |
| Setting up & operating a COLD CHAIN FACILITY for agricultural produce, meat, poultry products, processed food, etc. | Any Assessee | April 1 ,2009 |
| Setting up & operating a WAREHOUSING FACILITY for storage of agricultural produce. | Any Assessee | April 1 ,2009 |
| Laying & operating a cross-country natural gas PIPELINE NETWORK for distribution including storage facilities. | Indian company or consortium of such companies | April 1 ,2007 |
| Laying & operating a cross-country crude / petroleum oil PIPELINE NETWORK for distribution including storage facilities. | Indian company or consortium of such companies | April 1 ,2009 |
| Building & operating, anywhere in india, a new HOTEL of 2 star or above | Any Assessee | April 1, 2010 |
| Building & operating, anywhere in india, a new HOSPITAL with atleast 100 beds | Any Assessee | April 1, 2010 |
| Developing & building a HOUSING PROJECT under a scheme for redevelopment or rehabilitation | Any Assessee | April 1, 2010 |
DEDUCTION:-
(1)-- 100% OF capital expenditure incurred during the P.Y.
(1)-- 100% of capital expenditure incurred prior to commencement of business shall be allowed in year of commencement of business only if same has been capitalized on the date of commencement of business.
(3)-- Capital expenditure shall not include land, goodwill & financial instrument.
OTHER PROVISION:-
(1)-- Business should be new business i.e. should not be formed by splitting / reconstruction of old business.
(2)-- Business shold not be set up by transfer of old plant & mach... Old plant & mach shold not be more than 20% of total plant & mach used for business.
(3)-- Deduction u/c VI-A shall not be allowed in respect of such business for any A.Y.
(4)-- Actual Cost of the Asset for which deduction has been allowed u/s 35AD shall be taken as NIL.
Regards
@ Vipul Jain @
CAclubindia
