Tea/Coffee/Rubber Development Account [sec.33AB]

To claim deduction u/s 33AB the assessee should satisfy the following conditions:-

1. The assessee must engage in tea, coffee & rubber plantation
   
2. The amount should be deposited in a special account
   
3. The amount should be deposited within specified time-limit
   
4. The accounts should be audited
   

• Deposit-
  

1. Deposit with NABARD any amount in accordance with, a scheme approved by tea board or coffee board
   
2. 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-

1. Amount deposited in special account
   
2. 40% of profit computed under profits and gain of business or profession before any deduction u/s 33AB.
   

   Whichever is less.