Suppose I want to claim exemption under section 10AA
Now, I have completed 10yrs in SEZ......For remaining 5 yrs , I can claim if I fulfill specified conditions....
For that we have to create reserve and utilise it in a specified manner...
My question is : if after utilisation of reserve, extra reserve which remains unutilised can be used for other purpose like distribution of dividend etc...
4 Replies
Kiran Hathalia
(837 Points)
Replied 04 May 2020
The s*x reinvestment reserve shall be utilized for the purpose of business other than for distribution by way of dividends or profits or for remittance outside India as profits or for the creation of any asset outside India.
CHAITRI SUDHAKARBHAI KHAROD
(ARTICLE)
(752 Points)
Replied 04 May 2020
Yes that I understood but my question is after reinvestment, I have not utilised fully means now there is no requirement of further utilisation for the purpose of business then remaining amount can be used for distribution of dividend? ??
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