Section-141: Deduction in respect of profits and gains from certain industrial undertakings

Section-141 : Deduction in respect of profits and gains from certain industrial undertakings

Section-141 provides for deduction in respect of profits and gains from certain industrial undertakings and provides for deduction for industrial undertakings in North-eastern region and also in respect of undertakings promoting housing projects. Learn to understand the section-141 as it is, it's help and useful links to follow.

Here onwards, "Act" refers to "Income Tax Act 2025"

1. Section-141 as per act

In respect of any tax year, where––

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; and
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derived from such business for such tax year under the provisions of the said section, if the said Act had not been repealed, there shall be allowed, in computing the total income of the assessee, a deduction from the profits and gains derived from such business, subject to the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—
1. the amount of deduction is calculated as per the provisions of section 80-IB of the Income-tax Act, 1961; and
2. 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tax years, as would have been allowed under section 80-IB of the Income-tax Act, 1961, if the said Act had not been repealed.