Gourav Kapoor (CA Final Student) (2977 Points)
01 December 2009Dear all
can anybody tell me the exact definition of manufacture acc. to income tax act, small scale industries act, or any other with reference to these ?
it will be more beneficial for me if u will provide me the url of such definition !
thanx in advance !
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 01 December 2009
According to Sec 2 (29BA) of Income tax act
manufacture, with its grammatical variations, means a change in a non-living physical object or article or thing,
(a) resulting in transformation of the object or article or thing into a new and distinct object or article or thing having a different name, character and use; or
(b) bringing into existence of a new and distinct object or article or thing with a different chemical composition or integral structure;
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 02 December 2009
thanx dear !
but i want to knw also definition of manufacture as per other acts such as SSI
can anybdy give me that ?
if yes then plz !
CA. Varun Soni
(Chartered Accountant)
(201 Points)
Replied 02 December 2009
Hi there
Manufacture as per Excise Act
1. Any activity ancillary to manufacture or producing a product
2. Any activity mentioned in Schedule 1 which is considered as deemed to be manufacture
3. labelling or relabelling, Packing or Re-Packing, Declaration of Retail price or alteration of retail price in relation to the goods mentioned in schedule 3 shall be considered as deemed manufacture.
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