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Income Tax Benefits

Amit Jain (Proprietor ) (533 Points)

03 March 2021

Whether any Tax Benefits is available to Partnership Firm for establishing Manufacturing Co. in North East States

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5 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 03 March 2021

As per section 10(26) of the Income Tax Act, a member of a Scheduled Tribe residing in any area specified in the Sixth Schedule of the Constitution or in Arunachal Pradesh, Manipur, Mizoram, Nagaland and Tripura is exempted from paying tax on any income that accrues from any source in the area or state.

Amit Jain (Proprietor ) (533 Points)
Replied 03 March 2021

He is not a schedule tribe

Kapadia Pravin (17249 Points)
Replied 03 March 2021

There may be item Unit specific exemption. You need to study of the area and other industries there. Be a member of Trade Association after you start a unit.