section 10b

S. 10A / 10B Restriction on transfer of technical manpower under Circular Nos.14 and 12 of 2014

Income Tax - The Central Board of Direct Taxes (CBDT) had issued a Circular No.12 of 2014, dt.18.7.2014, by way of clarification regarding allowability of deduction under section 10A / 10AA, on transfer of technical man-power in the case of software industry [366 ITR (St) 1 : 106 DTR (St) 28]. Vide paragraph (4) of the aforesaid Circular No.12 / 2014,...

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All about carry forward & set off business loss & unabsorbed depreciation by undertaking governed by section 10A or 10B

Income Tax - As per the provisions of Section 10A(6) or 10B (6) of the Income-tax Act, 1961, before their amendment, vide Finance Act, 2003, the undertakings were not permitted to carry forward their business losses and unabsorbed depreciation for set-off against the profits and gains of an assessment year (AY) immediately succeeding the last of the r...

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Income & Wealth Tax Issues in SEZ assessment

Income Tax - Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II 1. No time limit for realisation of exports proceeds The intent of enactment of sections 10A/10B/10BA/10AA in the Income Tax Act, 1961 is to encourage exports which in turn would infuse the economy with foreign currency remittances. Timely ‘foreign c...

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Exemption Under Special Provisions – Sections 10A/10AA/10B

Income Tax - Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II A Section 10A. Special provision in respect of newly established undertakings in free trade zone, etc. The benefit in respect of newly established Industrial Undertaking in FTZ, EHTP SEZ or STP is Available to all Assessees on Export of Certain Article...

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I-T Dept releases Book on Controversies in Income Tax Assessment

Income Tax - Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II The genesis of this book is an exercise carried out to compile best quality assessment orders passed in each Chief C.I.T region of Gujarat during the Financial Year 2011-12. On analyzing these orders it emerged that majority of additions were relatable...

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Foreign Trade Policy 2009-14 – IT exemption U/s.10(A) & 10(B) extended till March 2011

Income Tax - Announcing the foreign trade policy 2009-14 here on Thursday, Mr Anand Sharma, Union Commerce Minister said, the Government wanted to provide a stable policy environment conducive for foreign trade and accordingly, it has been decided to continue with the DEPB (Duty Entitlement Pass Book Scheme) up to December 2010 and income-tax benefits...

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It is not the ‘profit from export’ but ‘profit of business’ which is to be considered in formula u/s 10B(4)

Riviera Home Furnishing Vs Addl. Commissioner of Income Tax (Delhi High Court at New Delhi - In Riviera Home Furnishing vs. Addl. CIT, Hon’ble Delhi High Court while dealing with the interpretation of Section 10B(4) held that the manner of determining such eligible profits has been statutorily defined in sub-section (4) of section 10B of the Act....

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DEPB benefits eligible for deduction under Section 10B

ACIT Vs M/s QH Talbros Ltd. (ITAT Delhi) - The present appeals filed by the Revenue are directed against the orders of CIT(A), Faridabad, dated 27.12.2011 and 20.12.2012 passed for the assessment years 2007-08 and 2008-09 respectively. The Revenue raised the following grounds of appeal in ITA No. 1321/Del/2012...

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S. 10B Approval received from STPL is proper approval for claiming deduction

Quality BPO Services Pvt Ltd, Vs ACIT (OSD) (ITAT Ahmedabad) - Quality BPO Services Pvt Ltd, Vs ACIT (OSD) (ITAT Ahmedabad)- The issue under appeal relates to examination of the claim of assessee under section 10B of the Act at Rs.67,08,733/- which hitherto has been disallowed by the Assessing Officer and further sustained ...

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Sec. 10B Interest on FDRs on margin kept in bank for utilization of letter of credit limits is business Income

Principal CIT Vs Universal Precision Screws (Delhi High Court) - Delhi High Court held In the case of Principal CIT vs. Universal Precision Screws that interest on fixed deposits has the requisite characteristic of business income and has a nexus to the business activities of the Assessee....

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Section 10B Foreign exchange fluctuation includible in export turnover: HC

The Commissioner of Income Tax Vs M/s. Pentasoft Technologies Ltd. (Madras High Court at Judicature) - CIT vs. M/s. Pentasoft Technologies Ltd. (Madras High Court)- In order to allow a claim under Section 10A of the Act, what all is to be seen is whether such benefit earned by the assessee was derived by virtue of export made by the assessee....

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CBDT clarification on export of computer software in relation to Sec 10A, 10AA, 10B

CBDT INSTRUCTION NO 3/2014 - (14/03/2014) - A clarificatory Circular No. 01/2013 dated 17.01.2013 was issued by CBDT to address various contentious issues leading to tax disputes in cases of entities engaged in export of computer software which are availing tax-benefits under sections 10A, 10AA and 10B of the Income-tax Act, 1961....

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AO to follow clarification on export of computer software Direct tax benefits -CBDT

INSTRUCTION NO. 17/2013 - (19/11/2013) - A clarificatory Circular No. 01/2013, dated 17-1-2013 (hereinafter referred to as 'Circular') was issued by CBDT to address various contentious issues leading to tax disputes in cases of entities engaged in export of computer software which are availing tax-benefits under sections 10A, 10AA and 10B ...

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Circular on Sections 10A, 10AA, 10B and 10BA – Related to set off and carry forward of losses

Circular No. 07/DV/2013 - (16/07/2013) - Circular No. 07/DV/2013-Income Tax The two sections 10A and 10B of the Act were initially placed on statute in 1981 and 1988 respectively, and continued with some modifications and amendments till 31.03.2001. Section 10A as inserted by Finance Act, 1981 read as under: "Section 10A. Special provis...

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Clarification Regarding issues Relating to Export of Computer Software- Direct TAX Incentives

Income tax press release - (17/01/2013) - The Indian Software Industry has been the beneficiary of direct tax incentives under the provisions like sections 10A, 10AA & 10B of the Income-tax Act, 1961 in respect of their profits derived from the export of computer software. ...

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Clarifications on Issues relating to export of computer software – Deduction U/s. 10A, 10AA & 10B

Circular No. 01/2013-Income Tax - (17/01/2013) - Circular No. 01/2013-Income Tax The CBDT has issued a Circular No. 01/2013 dated 17.01.2013 in which it has provided clarifications on various issues relating to the export of computer software and the allowance of deduction under sections 10A, 10AA and 10B of the Income-tax Act, 1961. Circular Co...

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Recent Posts in "section 10b"

S. 10A / 10B Restriction on transfer of technical manpower under Circular Nos.14 and 12 of 2014

The Central Board of Direct Taxes (CBDT) had issued a Circular No.12 of 2014, dt.18.7.2014, by way of clarification regarding allowability of deduction under section 10A / 10AA, on transfer of technical man-power in the case of software industry [366 ITR (St) 1 : 106 DTR (St) 28]. Vide paragraph (4) of the aforesaid Circular No.12 / 2014,...

Read More
Posted Under: Income Tax |

All about carry forward & set off business loss & unabsorbed depreciation by undertaking governed by section 10A or 10B

As per the provisions of Section 10A(6) or 10B (6) of the Income-tax Act, 1961, before their amendment, vide Finance Act, 2003, the undertakings were not permitted to carry forward their business losses and unabsorbed depreciation for set-off against the profits and gains of an assessment year (AY) immediately succeeding the last of the r...

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Posted Under: Income Tax |

It is not the ‘profit from export’ but ‘profit of business’ which is to be considered in formula u/s 10B(4)

Riviera Home Furnishing Vs Addl. Commissioner of Income Tax (Delhi High Court at New Delhi

In Riviera Home Furnishing vs. Addl. CIT, Hon’ble Delhi High Court while dealing with the interpretation of Section 10B(4) held that the manner of determining such eligible profits has been statutorily defined in sub-section (4) of section 10B of the Act....

Read More

DEPB benefits eligible for deduction under Section 10B

ACIT Vs M/s QH Talbros Ltd. (ITAT Delhi)

The present appeals filed by the Revenue are directed against the orders of CIT(A), Faridabad, dated 27.12.2011 and 20.12.2012 passed for the assessment years 2007-08 and 2008-09 respectively. The Revenue raised the following grounds of appeal in ITA No. 1321/Del/2012...

Read More

S. 10B Approval received from STPL is proper approval for claiming deduction

Quality BPO Services Pvt Ltd, Vs ACIT (OSD) (ITAT Ahmedabad)

Quality BPO Services Pvt Ltd, Vs ACIT (OSD) (ITAT Ahmedabad)- The issue under appeal relates to examination of the claim of assessee under section 10B of the Act at Rs.67,08,733/- which hitherto has been disallowed by the Assessing Officer and further sustained ...

Read More

Sec. 10B Interest on FDRs on margin kept in bank for utilization of letter of credit limits is business Income

Principal CIT Vs Universal Precision Screws (Delhi High Court)

Delhi High Court held In the case of Principal CIT vs. Universal Precision Screws that interest on fixed deposits has the requisite characteristic of business income and has a nexus to the business activities of the Assessee....

Read More

Section 10B Foreign exchange fluctuation includible in export turnover: HC

The Commissioner of Income Tax Vs M/s. Pentasoft Technologies Ltd. (Madras High Court at Judicature)

CIT vs. M/s. Pentasoft Technologies Ltd. (Madras High Court)- In order to allow a claim under Section 10A of the Act, what all is to be seen is whether such benefit earned by the assessee was derived by virtue of export made by the assessee....

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S. 254 Tribunal can consider the plea not raised before CIT (A)

Fast Booking (I) Pvt. Ltd. Vs DCIT (Delhi High Court)

Delhi High Court has held In the case of Fast Booking (I) Pvt. Ltd. Vs. DCIT that Under Section 254 Tribunal has inherent power to entertain alternative plea of which was not urged before CIT(A). High Court Directed the Tribunal to consider the Plea of the Assessee that in case he is denied benefit ...

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Assessee & Revenue have right to File cross objection before ITAT

Fast Booking (I) Pvt. Ltd. Vs Dy. Commissioner Of Income Tax (Delhi High Court)

The Delhi High Court Has Held In the case of Fast Booking (I) Pvt. Ltd. Vs Dy. Commissioner Of Income Tax that both the assessee as well as the department have a right to file an appeal/cross-objections before the Tribunal. ...

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Exemption cannot be denied merely for claim under wrong section

M/s. Annam Software Pvt. Ltd. Vs Commissioner of Income-Tax (ITAT Chennai)

Annam Software Pvt. Ltd. vs. CIT (ITAT Chennai) Assesse, an EOU, filed its return claiming exemption u/s 10 B. A.O. rejected assesse’s claim. In appellate proceedings , assesse raised a plea that in relevant year it had claimed deduction u/s 10 A...

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