Income Tax Benefits
Amit Jain (Proprietor ) (538 Points)
03 March 2021
Whether any Tax Benefits is available to Partnership Firm for establishing Manufacturing Co. in North East States
5 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 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.
Kapadia Pravin
(17264 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.
Practitising CA
(57 Points)
Replied 03 March 2021
North East states should claim deduction u/s 80 IE that is 100% of profit for 10 consecutive Assessment year
Amit Jain
(Proprietor )
(538 Points)
Replied 04 March 2021
Whether there is any time within which the manufacturing to be started u/s 80 IE
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