To claim deduction u/s 33AB the assessee should satisfy the following conditions:-
- The assessee must engage in tea, coffee & rubber plantation
- The amount should be deposited in a special account
- The amount should be deposited within specified time-limit
- The accounts should be audited
- Deposit with NABARD any amount in accordance with, a scheme approved by tea board or coffee board
- Deposit any amount in deposit account opened by the assessee with, approved scheme framed by tea board or coffee board or rubber board with the previous approval of central government.
- Time limit- Amount should be deposited within 6 months from end of the previous year or before due date of return of income, whichever is earlier.
Amount of deduction-
- Amount deposited in special account
- 40% of profit computed under profits and gain of business or profession before any deduction u/s 33AB.
Whichever is less.