First Year Allowance Withdrawal For Industrial Undertaking Section 23a

First Year Allowance Withdrawal For Industrial Undertaking Section 23a

First Year Allowance Withdrawal For Industrial Undertaking Section 23a: Currently, a deduction is allowed as first year allowance to industrial undertaking operating in specified rural areas or manufacturing companies of cellular mobile phones qualifying for exemption under clause (126N) of Part I of the Second Schedule of ITO, 2001 in lieu of initial allowance.

Now Finance Bill 2021 seeks to omit first year allowance granted to such industrial undertakings as mentioned above.

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