Section-48: Tea development account, coffee development account and rubber development account

Section-48 : Tea development account, coffee development account and rubber development account

Section-48 provide for tea development account, coffee development account and rubber development account and Site Restoration Fund which, inter alia, seek to deal with deduction of deposits in tea, coffee or rubber development accounts by the assessee or site restoration account engaged in prospecting or extracting or producing petroleum or natural gas or both. Learn to understand the section-48 as it is, it's help and useful links to follow.

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

1. Section-48 as per act

Where an assessee is carrying on business of growing and manufacturing tea or coffee or rubber in India, such assessee shall be allowed a deduction on the basis of deposits into the special account or deposit account and computed as per the provisions of the Schedule IX.
Any amount withdrawn or utilised or released from the aforesaid accounts at the time of closure or otherwise shall be charged to tax as per the provisions of the Schedule IX.
Where any asset acquired as per the special scheme or the deposit scheme, as referred to in the Schedule IX, is sold or otherwise transferred in any tax year, it shall be charged to tax in accordance with the provisions of the said Schedule.