First year allowance under section 23A

First year allowance under section 23A

As per Section 23A, plant, machinery and equipment installed by any industrial undertaking set up in specified rural and underdeveloped areas and owned and managed by a company were allowed first year allowance at 90% of the cost in lieu of Initial Allowance. (Part II of the Third Schedule of the ITO, 2001).

Now this Ordinance has withdrawn this allowance.

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