Income Tax Act, 2025
Section 2: Ins. by Act 25 of 1975, s. 5 (w.e.f. 11962).
2. Ins. by Act 25 of 1975, s. 5 (w.e.f. 11962).
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1[33AB. Tea development account 2[, coffee development account and rubber development
account].—(1) Where an assessee carrying on business of 3[growing and manufacturing tea or coffee or
rubber] in India has, before the expiry of six months from the end of the previous year or before 4[the due
date of furnishing the return of his income], 5[whichever is earlier,—
(a) deposited with the National Bank any amount or amounts in an account (hereafter in this
section referred to as the special account) maintained by the assessee with that Bank in accordance
with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme)
6[approved in this behalf by the Tea Board or the Coffee Board or the Rubber Board]; or
(b) 7[deposited any amount in an account (hereafter in this section referred to as the Deposit
Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme
framed by the Tea Board or the Coffee Board or the Rubber Board, as the case may be (hereafter in
this section referred to as the deposit scheme), with the previous approval of the Central
Government,]
the assessee shall, subject to the provisions of this section,] be allowed a deduction (such deduction being
allowed before the loss, if any, brought forward from earlier years is set off under section 72 ) of—
(a) a sum equal to the amount or the aggregate of the amounts so deposited; or
(b) 8[a sum equal to forty per cent.. of the profits] of such business (computed under the head
“Profits and gains of business or profession” before making any deduction under this section),
whichever is less:
Provided that where such assessee is a firm, or any association of persons or any body of individuals,
the deduction under this section shall not be allowed in the computation of the income of any partner, or
as the case may be, any member of such firm, association of persons or body of individuals:
Provided further that where any deduction, in respect of any amount deposited in the special account
9[, or in the 10[Deposit Account], has been allowed under this sub-section in any previous year, no
deduction shall be allowed in respect of such amount in any other previous year.
(2) The deduction under sub-section (1) shall not be admissible unless the accounts of such business
of the assessee for the previous year relevant to the assessment year for which the deduction is claimed
have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288
and the assessee furnishes, along with his return of income, the report of such audit in the prescribed
formduly signed and verified by such accountant:
Provided that in a case where the assessee is required by or under any other law to get his accounts
audited, it shall be sufficient compliance with the provisions of this sub-section if such assessee gets the
accounts of such business audited under such law and furnishes the report of the audit as required under
such other law and a further report in the form prescribed under this sub-section.
Where an assessee carrying on business of 3[growing and manufacturing tea or coffee or
rubber] in India has, before the expiry of six months from the end of the previous year or before 4[the due
date of furnishing the return of his income], 5[whichever is earlier,—
deposited with the National Bank any amount or amounts in an account (hereafter in this
section referred to as the special account) maintained by the assessee with that Bank in accordance
with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme)
6[approved in this behalf by the Tea Board or the Coffee Board or the Rubber Board]; or
7[deposited any amount in an account (hereafter in this section referred to as the Deposit
Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme
framed by the Tea Board or the Coffee Board or the Rubber Board, as the case may be (hereafter in
this section referred to as the deposit scheme), with the previous approval of the Central
Government,]
the assessee shall, subject to the provisions of this section,] be allowed a deduction (such deduction being
allowed before the loss, if any, brought forward from earlier years is set off under section 72 ) of—
a sum equal to the amount or the aggregate of the amounts so deposited; or
8[a sum equal to forty per cent.. of the profits] of such business (computed under the head
“Profits and gains of business or profession” before making any deduction under this section),
whichever is less:
Provided that where such assessee is a firm, or any association of persons or any body of individuals,
the deduction under this section shall not be allowed in the computation of the income of any partner, or
as the case may be, any member of such firm, association of persons or body of individuals:
Provided further that where any deduction, in respect of any amount deposited in the special account
9[, or in the 10[Deposit Account], has been allowed under this sub-section in any previous year, no
deduction shall be allowed in respect of such amount in any other previous year.
The deduction under sub-section
shall not be admissible unless the accounts of such business
of the assessee for the previous year relevant to the assessment year for which the deduction is claimed
have been audited by an accountant as defined in the Explanation below sub-section
of section 288
and the assessee furnishes, along with his return of income, the report of such audit in the prescribed
formduly signed and verified by such accountant:
Provided that in a case where the assessee is required by or under any other law to get his accounts
audited, it shall be sufficient compliance with the provisions of this sub-section if such assessee gets the
accounts of such business audited under such law and furnishes the report of the audit as required under
such other law and a further report in the form prescribed under this sub-section.