Chapter III of the Income-tax Act, 1961 (hereinafter referred to as the ‘Act’) deals with incomes which do not form part of total income. Sections 10A and 10B of the Act are covered under Chapter III. These sections allow certain deductions, for certain years, from the total income of an assessee. These deductions are commonly described as ‘tax holiday’ and the period during which these deductions are available is commonly described as ‘tax holiday period’. | Accounting Standards Interpretations 5: Accounting for Taxes on Income in the 689 situations of Tax Holiday under Sections 10A and 10B of the Income-tax Act, 1961
