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It benefits on solar power project

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(Querist)
25 September 2014 will you please inform income tax benefits available on setting up of solar power project
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
25 September 2014 Section 32 of IT act provides Accelerated Depreciation of 80 % of the INVESTED capital to professionals companies with tax liability
Investors can set off their tax liability on the taxable income to the tune of 80% in the 1st year, and subsequently 20% in the 2nd year
Section 80-IA (sub section 4)of income tax Act, 1961 allows 100% tax waiver on the income generated for any single 10 year period during first 15 years of operational life of a power generation project.
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