100% Deduction is available to individual for carrying on certain specified tax free business. Loss in such businesses can be carried forward indefinitely under Income Tax Act, 1961.
List of above mentioned tax free businesses is specified under section 35AD of Income Tax Act, 1961. We have summarized the same, which is as follows:
- Setting up and operating cold chain facility for storage or transportation of poultry, dairy products, meat, agricultural and forest produce.
- Warehousing facility for storage of agricultural produce.
- Cross country natural gas, crude or petroleum pipe line.
- Building and operating a hotel of two star and above category.
- Building and operating a hospital of at least one hundred bed capacity.
- Developing a housing project under a scheme of slum redevelopment.
- Production of fertilizers using new plant and machinery.
- Starting and operation inland container depot.
- Production of honey and beeswax along with bee-keeping.
- Transportation of iron ore through laying and operating a slurry pipeline.
- Development of housing project under a scheme framed by government for affordable housing.
How to start a business? How can I start above mentioned tax free business?
All of the above mentioned business is recommended to be started with registration of private limited Company. We are eligible to obtain GST Registration online after registration of private limited company. Then we may look of other technical and legal registrations required based on demography of business.
If you are looking forward to start any business, you can discuss with us with your objectives. We may recommend you best form of business with least cost on post registration compliance.
You may contact us at +91 7900 567 567 or you may also email us at email@example.com.