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Income Tax Exemption under Section 10(31) of Income Tax Act, 1961

 

Eligible Assessee

Any assessee carrying on business of growing and manufacturing rubber, coffee, cardamom or other commodities notified by Central Govt.

 

 

 

Nature of Income

Subsidy received from concerned Board

 

Amount Exempt

Entire amount so received

 

Conditions laid down for Tax Exemption

  1. Subsidy is received for re-plantation or replacement of respective commodity bushes or for rejuvenation or consolidation of area used for cultivation of such commodity under scheme notified by government.

  2. The assessee shall furnish certificate of subsidy so received to the income tax officer along with return of income

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