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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 MoreIncome 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 MoreIncome Tax - Ten year tax holiday is available under section 10A to certain undertakings in free trade zones, electronic hardware technology parks, software technology parks or in special economic zones. The exemption is however subject to fulfillment of certain conditions. What are these conditions and how to meet them to avail the maximum benefit is...
Read MoreIncome 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...
Read MoreIncome Tax - 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 currency remittances’ into India is the underlying intent spelt out in section 10A, sec...
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 MoreHCL Technologies Ltd Vs DCIT (Delhi High Court) - The AO’s reason for re-opening is that along with the certificate in Form 56F, which was the certificate of the CA, the working sheet of deduction was not enclosed. That was not a requirement of law. What Form 56F has to be accompanied with is specified under the Income Tax Rules itself. The mer...
Read MoreM/s. Ernst & Young Pvt. Ltd. Vs C.I.T., Kol-3, (ITAT Kolkata) - In a major relief to the Ernst & Young Pvt Ltd (EY), the Kolkata bench of the ITAT confirmed the original assessment order passed by the Assessing Officer allowing deduction under sections 10A and 10AA of the Income Tax Act to the Company without set off of loss of taxable unit....
Read MoreM/s. Sunquest Information Systems India Pvt. Ltd. Vs JCIT (OSD) (ITAT Bangalore) - Insurance & Travelling Expenses incurred in Foreign Currency needs to be Excluded from both Export and Total Turnover for the purpose of section 10A Calculations...
Read MoreC.I.T. & ANR. Vs M/S Yokogawa India Ltd. (Supreme Court of India) - The export turnover and the total turnover for the purposes of sections 10A and 10B shall be of the undertaking located in specified zones or 100% Export Oriented Undertakings, as the case may be, and this shall not have any material relationship with the other business of the assessee outside these...
Read MoreQvantel Software Solutions Vs Income-tax Officer (ITAT Hyderabad) - ITAT have consistently held that the internet charges have to be excluded both from the export turnover as well as from the total turnover while computing deduction u/s 10A of the Act. ...
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 MoreCircular 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...
Read MoreHCL Technologies Ltd Vs DCIT (Delhi High Court) -
M/s. Ernst & Young Pvt. Ltd. Vs C.I.T., Kol-3, (ITAT Kolkata) -
M/s. Sunquest Information Systems India Pvt. Ltd. Vs JCIT (OSD) (ITAT Bangalore) -
C.I.T. & ANR. Vs M/S Yokogawa India Ltd. (Supreme Court of India) -
Qvantel Software Solutions Vs Income-tax Officer (ITAT Hyderabad) -
Headstrong Services India Pvt. Ltd. Vs DCIT (ITAT Delhi) -
DCIT Vs M/s E-Soft Technologies Ltd. (ITAT Lucknow) -
