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TEA
/ COFFEE / RUBBER DEVELOPMENT ACCOUNT
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Tea/
Coffee/ Rubber development account [Sec. 33AB]
The assessee
must satisfy the following conditions for claiming deduction u/s 33AB, the
amount of deduction being:
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The sum deposited in Special Account as mentioned below;
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40% of the profits before making any deduction u/s 33AB &
before adjustment of brought forward losses of the assessed business; Whichever
is LOWER.
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Condition
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Description
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I
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The
assessee must be engaged in Tea/ Coffee/ Rubber Plantation.
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II
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It
must make a Deposit in a Special
Account opened by an assessee in accordance with the purposes
specified in scheme framed by Tea/ Coffee/ Rubber Board of India.
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III
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The
deposit must be made within 6 months from the end of the previous year
or before due date of furnishing of Income return, whichever is earlier.
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IV
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The
accounts of the assessee should be audited by a Chartered Accountant
& the report of the auditor in Form no. 3AC is to be filed along
with the return of income of the relevant assessment year.
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