Question

Tax planing for new business with reference to location and type of business

Answer 1

Answer:

for the next three consecutive assessment years, so much of the amount not exceeding 50% of the profit as is debited to the profit and loss account year in respect of which the deduction is to be allowed and credited to a reserve account (to be called the ''Special Economic Zone Re-investment Allowance Reserve Account'') to be created and utilised for the purposes of the business of the assessee