section 10a - Page 3

Section 10A: Internet Charges deductible from both Export & Total Turnover

Qvantel 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. ...

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File Tax Return for exempt Income if exceeds basic exemption limit

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...

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Posted Under: Income Tax | ,

TP: No deduction u/s 10A on enhanced value after ALP adjustment

Headstrong Services India Pvt. Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi held in the case of Headstrong Services India Pvt. Ltd. vs. DCIT that both the submission of the assessee is unacceptable. Regarding first submission for not carrying out any transfer pricing adjustment in view of the benefit enjoyed by it u/s 10A is concerned, we find that no exception has carved out by the statute for non-det...

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Sec 10A – Deduction allowed to new unit being independent unit, physical demarcation with old unit not relevant

DCIT Vs M/s E-Soft Technologies Ltd. (ITAT Lucknow)

ITAT Lucknow held in the case of DCIT vs. M/s E-Soft Technologies Ltd. that as per the CBDT Circular No. 01 of 2013 and as per the Tribunal decision of the Pune Bench in the case of ACIT Vs Symantec Software India P. Ltd in ITA No. 787/PN/09, dated 30th November 2011...

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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,...

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Posted Under: Income Tax |

Eligibility Of S.T.P Units and Computation of Their Profits For Deduction U/s. 10A of Income-Tax Act, 1961

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...

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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 |

Exemption u/s 10A available on undisclosed income surrendered during survey proceeding u/s 133A

M/s Bridal Jewellery Mfg. Co. Vs ITO (ITAT Delhi)

M/s Bridal Jewellery Mfg. Co.Vs. ITO (ITAT Delhi) In the present case, it is an admitted fact that the assessee was engaged in the manufacturing of jewellery, during the process of manufacturing on behalf of the customers...

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Sec.10A- Communication cost in absence of profit element is to be excluded from total & export turnover

Pegasystems Worldwide India Pvt. Ltd. Vs ACIT (ITAT Hyderabad)

In the case of Pegasystems Worldwide India Pvt. Ltd. Vs. ACIT Hyderabad Bench of ITAT directed the AO to reduce communication cost not only from export turnover but also from the total turnover for the purpose of computation of deduction as per Explanation 2 to section 10A....

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Claim for Set off of unabsorbed business loss b/f against profit of section 10A after AY 2001-02 is allowable

CIT Vs M/s Shantivijay Jewels Ltd. (Bombay High Court)

CIT Vs. M/s Shantivijay Jewels Ltd. (Bombay High Court) In this case Hon’ble Court considered question of law that whether claim for set off of unabsorbed business loss which was brought forward in subsequent AY against the profit of section 10 A is allowable or not....

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