Transfer of capital asset by a senior citizen in a reverse mortgage notified scheme will not attract capital gains
Investments made as a five year Time Deposits in an account under the Post Office and in an account under the Senior Citizen Savings Scheme Rules, 2004 are eligible for deduction under section 80C within the overall limit of Rs. 100,000.
Tax holiday extended to undertaking engaged in operating and maintaining new hospital located anywhere in India, other than an excluded area, for a consecutive period of five years. **
Tax holiday extended to undertaking engaged in the business of hotel located in specified districts having a World Heritage Site for a consecutive period of five years.
Expenses for outsourcing R and D to an eligible approved scientific research company will qualify for weighted deduction of 125 %. However, the company rendering such services will not be eligible to claim weighted deduction.
• Book profit’ to be increased by deferred tax and provision thereof:
Dividend Distribution Tax (DDT); tax on distributed income to unit holders; interest chargeable under income-tax law; surcharge levied by Central Acts; education cess on income-tax; if debited to profit and loss account will be added back.