LECTURE 142-INCOME TAX LAW AND PRACTICE-TAX PLANNING AND MANAGEMENT- MCOM(FINANCE)
Автор: BOSCOCAMPUSVISION
Загружено: 2020-10-05
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This lecture deals with tax planning related to setting up of new hotels.
DEDUCTION IN RESPECT OF PROFITS AND GAINS FROM BUSINESS OF HOTELS
A deduction of an amount equal to 100% of the profits and gains derived from such business for 5 consecutive assessment years beginning from the initial assessment year shall be allowed to assessee engaged in the business of hotel located in the specified district having a World Heritage Site. The hotel should be two star/ three star/ four star.
The deduction under this section shall be available only if:-
(i) the eligible business is not formed by the splitting up, or the reconstruction, of a business already in existence;
(ii) the eligible business is not formed by the transfer to a new business of a building previously used as a hotel or a convention centre,
(iii) the eligible business is not formed by the transfer to a new business of machinery or plant previously used for any purpose,
(iv) the assessee furnishes along with the return of income, the report of an audit duly signed and verified by an accountant.
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