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Tax Concessions and Incentives: Presented By:-Deepak Goyal Gaurav Kumar Neha Singh Nidhi Pragati Sharma
Tax Concessions and Incentives: Presented By:-Deepak Goyal Gaurav Kumar Neha Singh Nidhi Pragati Sharma
INCENTIVES
Presented by:- Deepak Goyal
Gaurav Kumar
Neha Singh
Nidhi
Pragati sharma
INTRODUCTION
Tax concessions are some deductions,
exemptions or rebates on tax
CONTRIBUTION TO POLITICAL
PARTIES
Any sum contributed by any company towards
any political party or electoral trust is
deductible.
DONATIONS
Under Sec.80G, if any firm or company donates
to certain funds, charitable institutions such as
national defence funds, Prime Minister’s
National Relief fund, National Children fund
etc . Then amount donated is deductable.
DEVELOPMENT OF SPECIAL
ECONOMIC ZONE
It is in respect of profit and gains by an
undertaking or enterprise (under section 80-
IAB)
Taxpayer can claim 100% deduction for 10
consecutive assessment year out of 15 years
of beginning from year in which these zones
has been notified by central govt.
EMPLOYMENT OF NEW WORKMEN
Section 80JJAA- Conditions required
1) The taxpayer is an Indian company
2) Income includes any profit and gains derived
from any industrial undertaking
3) The industrial undertaking is not formed by
splitting up or reconstruction of an existing
undertaking or amalgamation with other
Amount-
30% of additional wages paid to new regular
workmen employed in the previous year.
Available for 3 assessment years including the
assessment year relevant to previous year.
OFFSHORE BANKING UNITS &
INTERNATIONAL FINANCIAL
SERVICES
A scheduled bank and having an offshore
banking unit in special economic zone
A foreign bank having an offshore banking
unit in special economic zone; or
A unit of International Financial Service
centre
A 100% of income is deductable for 5
consecutive assessment years beginning with
the assessment year relevant to previous
year
OIL COMPANIES