incometax & saletax News
Tax rebate announced
KANPUR: The income tax department had announced a rebate of 150% if big individual tax payers and corporate sectors invest their money in the agriculture sector.
The income tax department had announced a scheme of tax rebate in which it had been stated that to improve the skills of employees, the corporate sectors may open skill development centres. If the coroporate sector and big individual tax payers invest money in the agri sector, then they could claim tax rebate.
Central Board for Direct Taxes had issued a notification in this regard last week and named the scheme as Agricultural Extension Services.
Under this scheme, tax payers have to impart training on latest farming technique and provide free fertilizers and seeds which could help in enhanced yield.
Under the conditions, an investor has to invest minimum Rs 25 lakhs and he would be entitled to claim rebate under 35 CCC. If a tax payer spends a sum of Rs 1 crore then he could claim for a rebate to the tune of Rs1.5 crore.
In other conditions, the investor company should not gain any profit for investment in sister concerns. Free samples of any agri product to the farmers would not attract rebate.
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