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Income Tax - Sunset date for claiming Income Tax exemption for SEZs – Time to further extend the sunset date mentioned under Section 10AA of the Income Tax Act, 1961 considering difficulties faced by SEZ Units to commence the production due to restriction placed for controlling pandemic Covid-19. Article explains Sunset date for claiming Income ...
Read MoreIncome Tax - Section 10A of the Income Tax Act, 1961 (the Act for short) deals with special provision in respect of newly established undertakings in free trade zone, etc. For the purposes of section 10A, total turnover is sum of export turnover as well as domestic turnover...
Read MoreIncome Tax - Article discusses Exemption Under Special Provisions of Sections 10A, Section 10AA and Section 10B of Income Tax Act, 1961. 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 A...
Read MoreIncome Tax - An entrepreneur, who begins to manufacture or produce articles or things or provide any services during the period beginning from 1st April, 2005 to 31st March, 2020, shall be eligible to take a deduction under section 10AA with respect to the export turnover of his unit located in SEZ....
Read MoreIncome Tax - Existing provisions of sub-section (1) of section 139 provide that every person referred to therein shall file a return of income on or before the due date. The sixth proviso to the said section provides that every person, being an individual or Hindu undivided family or an association of person or a body of individual...
Read MoreIncome Tax - FM: Role of IT Sector is Crucial in Order to Promote E-Governance for Empowering Citizens; to Promote the Inclusive and Sustainable Growth of the Electronics, IT and ITeS Industries and Enhancing India’s Role in Internet Governance...
Read MoreIncome Tax - Infosys Technologies Ltd. Tuesday said it will appeal against an order from the income tax department seeking more than 4 billion rupees ($88.8 million) in taxes for software sales made at the overseas premises of its international clients. The Econo...
Read MoreBarclays Shared Services Private Limited Vs ACIT (ITAT Pune) - Amount of income which qualifies for deduction is the profits of the business of the undertaking and not any income earned by assessee de hors the business of the undertaking. If the relevant items of income are held to be falling under the head `Income from other sources’, the same will not quali...
Read MoreEYGBS (India) LLP Vs DCIT (ITAT Bangalore) - The issue under consideration is whether denial of claim of deduction u/s 10AA of the Act on transfer pricing adjustment made by the assessee voluntarily is justified in law?...
Read MoreTata Consultancy Services Ltd. Vs Addl. CIT (ITAT Mumbai) - Tata Consultancy Services Ltd. Vs Addl. CIT (ITAT Mumbai) As could be seen, while the Assessing Officer has disallowed assessee’s claim of foreign tax credit in respect of income exempt under section 10A/10AA of the Act on the reasoning that only such income which is subjected to tax in both t...
Read MoreJCIT Vs Mphasis Ltd. (ITAT Bangalore) - The disallowance of the expenditure u/s 40(a)(ia) would automatically enhance the taxable income of the assessee and the assessee is eligible for the deduction u/s 10A of the Income-tax Act on the enhanced income....
Read MorePreludesys India Ltd. Vs. ACIT (Madras High Court) - Preludesys India Ltd. Vs. ACIT (Madras High Court) The first aspect that has to be considered is as to whether the Income Tax Act, 1961 deals with the concept of a ‘deemed export’. This position has been clearly explained by the High Court of Karnataka both in the case of Tata Elxsi Ltd., and in...
Read MoreCircular No. 4/2018-Income Tax - (14/08/2018) - As per section 10A(4) of Income Tax Act, 1961, profits derived from export of articles or things or computer software shall be amount which bears to the profits of the business of the undertaking , the same proportion as the export turnover in respect of such articles or things or computer software ...
Read MoreCircular No. 14/2014-Income Tax - (08/10/2014) - Circular No. 14/2014-Income Tax CBDT had issued Circular No.12/2014 dated 18th July, 2014 to clarify that mere transfer or re-deployment of existing technical manpower from an existing unit to a new SEZ unit in the first year of commencement of business will not be construed as splitting up or reco...
Read MoreCircular No. 12/2014-Income Tax - (18/07/2014) - Circular No. 12/2014-Income Tax Section 10AA of the Income-tax Act, 1961, inter-alia, provides for deduction in respect of the profits derived by a unit set up in SEZ from export of computer software or from providing any ITES services. The said deduction available to a new SEZ unit is subject to c...
Read MoreCBDT 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....
Read MoreINSTRUCTION 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 ...
Read MoreBarclays Shared Services Private Limited Vs ACIT (ITAT Pune) -
EYGBS (India) LLP Vs DCIT (ITAT Bangalore) -
Tata Consultancy Services Ltd. Vs Addl. CIT (ITAT Mumbai) -
JCIT Vs Mphasis Ltd. (ITAT Bangalore) -
Preludesys India Ltd. Vs. ACIT (Madras High Court) -
Mindtree Ltd Vs. ACIT (Karnataka High Court) -
ACIT Vs EYGBS India Pvt. Ltd. (ITAT Bangalore) -
CIT Vs. Sankhya Technologies Pvt Ltd. (Madras High Court) -
American Express (I) P. Ltd. Vs DCIT (ITAT Delhi) -
CIT Vs M/s. Vetrivel Minerals (Madras High Court) -
