Section 141 of Income Tax Act 2025 in hindi
In respect of any tax year, where—
- (a)the gross total income of an assessee, includes any profits and gains derived from any business referred to in section 80-IB of the Income- tax Act, 1961 (43 of 1961); and
- (b)such assessee is eligible to claim a deduction from the profits and gains derived from such business for such tax year under the provisions of the said section, as if the said Act had not been repealed,
there shall be allowed, in computing the total income of the assessee, a deduction from the profits and gains derived from such business, subject to the conditions that—
- (i)the amount of deduction is calculated as per the provisions of section 80-IB of the Income-tax Act, 1961 (43 of 1961); and
- (ii)the deduction under this Act shall be allowed only for such tax years, as would have been allowed under section 80-IB of the Income-tax Act, 1961 (43 of 1961), as if the said Act had not been repealed.
Summary
- The deduction is a continuation of old benefits and is allowed as if the old Act had not been repealed.
- The amount of deduction must be calculated strictly according to the provisions of the old section 80-IB of the Income-tax Act, 1961.
- The deduction is allowed only for the specific remaining tax years (the financial year in which you earn income) that would have been allowed under that old section 80-IB.
- Under the cross-referenced Section 80, if any capital asset is transferred during the deduction period and the transfer price is not ascertainable, its fair market value on the date of transfer is deemed to be the full value of the consideration.
Practical examples
FAQ
1. Who can claim a deduction under Section 141?
Any taxpayer whose gross total income includes profits from an industrial undertaking that was eligible under the old section 80-IB of the repealed 1961 Act.
2. How is the deduction amount calculated under Section 141?
It must be calculated using the exact rules and percentages of the old section 80-IB of the Income-tax Act, 1961.
3. For how many tax years can the deduction be claimed under Section 141?
Only for the remaining tax years for which the undertaking would have been allowed to claim it under the old section 80-IB.
4. If an asset is transferred during the deduction period and its price is not ascertainable, what value is used under the cross-referenced Section 80?
The fair market value of the asset on the date of transfer is deemed to be the full sale price.
Test yourself
Q1.Which section of the old Income-tax Act, 1961 is referenced by Section 141 for industrial undertakings?
Q2.How is the deduction amount determined under Section 141?
Q3.Under Section 141, the deduction can be claimed only for:
Q4.Under the cross-referenced Section 80, when a capital asset is transferred and the consideration is not ascertainable, what value is deemed as the full consideration?