section 10a
Exemption Under Special Provisions – Sections 10A/10AA/10B
Income 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 MoreBenefits To SEZ Entities Under The Income Tax Law
Income 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 MoreFor section 10A, total turnover is sum of export & domestic turnover
Income 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 MoreFile Tax Return for exempt Income if exceeds basic exemption limit
Income 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 MoreS. 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,...
Read MoreRole of IT Sector is Crucial to Promote E-Governance – FM
Income 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 MoreInfosys plans to appeal against arbitrary order, Industry Surprised by order
Income 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 MoreSec. 10AA Eligible unit’s loss can be set off against income of other units
DCIT (LTU) Vs. M/s. Avtec Limited (ITAT Mumbai) - Undisputedly, the assessee has claimed business loss of Rs.3,90,35,968/- from MEPZ Unit at Chennai, eligible for deduction u/s 10AA. It is also not in dispute that assessee has claimed set off of this loss against the income from other units. AO proceeded to hold that loss from MEPZ unit at Chennai,...
Read MoreDeduction U/s. 10AA cannot be denied in in 3rd year by examining factors which were required to be seen in first year
Macquarie Global Services Vs DCIT (ITAT Delhi) - Macquarie Global Services Vs DCIT (ITAT Delhi) Once the claim of deduction u/s 10AA has been accepted in the first year of the operations and also in the second year, then in the third year same cannot be withdrawn by examining the factors which were required to be seen in the first year of the [&he...
Read MoreUnabsorbed depreciation not to be adjusted first in computation of deduction U/s. 10A
M/s Vision IKnowledge Solutions Pvt. Ltd. Vs Pr. CIT-9 (ITAT Delhi) - Deduction u/s 10A is to be allowed from total income as computed under chapter IV of the Income Tax Act, 1961 and not at the stage of computation of total income under chapter VI of the Income Tax Act, 1961. Therefore from this it is clear that while claiming deduction u/s 10A unabsorbed depreciatio...
Read MoreDefinition of total turnover given U/s. 80HHC / 80HHE cannot be adopted for Section 10A
CIT vs. HCL Technologies Ltd. (Supreme Court) - The definition of total turnover given under Sections 80HHC and 80HHE cannot be adopted for the purpose of Section 10A: HCL Technologies case...
Read MoreSec 10A / 10B: Bar in section 92CA(4) not applies to suo motu TP adjustments
Approva Systems Pvt. Ltd Vs. DCIT (ITAT Pune) - Approva Systems Pvt. Ltd Vs. DCIT (ITAT Pune) Now, coming to the second claim of deduction under section 10B/10A of the Act on TP adjustment of Rs 64,07,399/-. The assessee on its own motion had offered adjustment on account of transfer pricing provision to the extent of Rs 64,07,399/-. The computat...
Read MoreComputation of deduction u/s 10A of Income Tax Act, 1961
Circular No. 4/2018 - (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 MoreSec 10AA – Employee Transfer limit (From STPI/Other Units to SEZ) increased to 50%
Circular 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 MoreDeduction U/s. 10A/10AA on transfer of Technical Man-power in case of software industry -Reg.
Circular 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 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....
Read MoreAO 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 ...
Read MoreRecent Posts in "section 10a"
Sec. 10AA Eligible unit’s loss can be set off against income of other units
DCIT (LTU) Vs. M/s. Avtec Limited (ITAT Mumbai) -
Exemption Under Special Provisions – Sections 10A/10AA/10B
Computation of deduction u/s 10A of Income Tax Act, 1961
Circular No. 4/2018 - (14/08/2018) -
Deduction U/s. 10AA cannot be denied in in 3rd year by examining factors which were required to be seen in first year
Macquarie Global Services Vs DCIT (ITAT Delhi) -
Unabsorbed depreciation not to be adjusted first in computation of deduction U/s. 10A
M/s Vision IKnowledge Solutions Pvt. Ltd. Vs Pr. CIT-9 (ITAT Delhi) -
Definition of total turnover given U/s. 80HHC / 80HHE cannot be adopted for Section 10A
CIT vs. HCL Technologies Ltd. (Supreme Court) -
Sec 10A / 10B: Bar in section 92CA(4) not applies to suo motu TP adjustments
Approva Systems Pvt. Ltd Vs. DCIT (ITAT Pune) -
Section 10AA deduction allowed in previous year can’t be denied in current year
Macquarie Global Services Pvt. Ltd. Vs DCIT (ITAT Delhi) -
Benefits To SEZ Entities Under The Income Tax Law
For section 10A, total turnover is sum of export & domestic turnover
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