CBDT Notification on Backward Districts in Andhra Pradesh for Tax Incentives under IT Sec. 32AD(1) & 32(1)(iia)
CBDT has notified 7 backward districts in Andhra Pradesh (i.e. Anantapur, Chittoor, Cuddapah, Kurnool, Srikakulam, Vishakhapatnam and Vizianagaram) and has extended tax incentives under Sec. 32AD(1) & 32(1)(iia) of Income Tax. Thus, any new manufacturing undertaking set up in these districts during April 2015 to March 2020 shall be eligible for tax benefits of 15% higher/ additional depreciation and 15% investment allowance towards cost of plant and machinery acquired during the said period, besides other tax rebates/ benefits available as per provions of the Income-Tax Act.
CBDT Notification No. 85/2016 dt. 28 Sept. 2016 [F.No.142/13/2015-TPL]
S.O. 3075 (E).- In exercise of the powers conferred by section 32 and section 32AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following districts of the State of Andhra Pradesh as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the said Act, namely:-
2. This notification shall come into force on the date of its publication in the Official Gazette*.
* Published in the Official Gazette on 28 Sept. 2016