{"id":7277,"date":"2015-08-21T11:08:00","date_gmt":"2015-08-21T11:08:00","guid":{"rendered":"http:\/\/localhost\/sccblog\/?p=7277"},"modified":"2015-10-14T16:02:53","modified_gmt":"2015-10-14T10:32:53","slug":"21-districts-of-bihar-notified-as-backward-areas-to-provide-them-additional-tax-benefits-for-faster-growth","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2015\/08\/21\/21-districts-of-bihar-notified-as-backward-areas-to-provide-them-additional-tax-benefits-for-faster-growth\/","title":{"rendered":"21 districts of Bihar notified as \u2018backward areas\u2019 to provide them additional tax benefits for faster growth"},"content":{"rendered":"<p >The Finance Act, 2015 amended the provisions of the Income-Tax Act, 1961 to provide certain tax benefits to notified backward areas in specified States including State of <st1:state w:st=\"on\">Bihar<\/st1:state> to give these backward areas an opportunity to grow faster.<\/p>\n<p >On 17.08.2015, 21 districts of <st1:place w:st=\"on\">Bihar<\/st1:place> have been notified as backward areas vide Notification No. S.O. 2241(E) to give effect to the amendment. These includes Patna,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nalanda, Bhojpur, Rohtas, Kaimur, Gaya, Jehanabad, Aurangabad, Nawada, Vaishali,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sheohar, Samastipur, Darbhanga, Madhubani, Purnea, Katihar, Araria, Jamui,&nbsp;&nbsp;&nbsp;&nbsp; Lakhisarai, Supaul and Muzaffarpur.<\/p>\n<p >According to the said notification, any manufacturing undertaking or enterprise set-up during the period from 01.04.2015 to 31.03.2020 in the aforesaid backward areas of Bihar will be eligible for 15% additional depreciation under Section 32(1)(iia) and 15%&nbsp; investment allowance under Section 32AD of the Income-tax Act, on the cost of plant and machinery acquired and installed by it during the said period. The aforesaid incentives are in addition to other tax benefits available under the Income-tax Act.<\/p>\n<p >Besides, a company engaged in manufacturing will also be eligible for 30% (instead of 15%) of investment allowance if its investment in new plant and machinery during the period 01.04.2015 to 31.03.2017 exceeds Rs.25 crore.<o:p><\/o:p><\/p>\n<p ><o:p>&nbsp;<\/o:p><\/p>\n<p  align=\"right\"><b>-Ministry of Finance<o:p><\/o:p><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Act, 2015 amended the provisions of the Income-Tax Act, 1961 to provide certain tax benefits to notified backward areas in <\/p>\n","protected":false},"author":3,"featured_media":7321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[2824],"class_list":["post-7277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","tag-Ministry_of_Finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>21 districts of Bihar notified as \u2018backward areas\u2019 to provide them additional tax benefits for faster growth | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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