Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...
Income Tax : The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an a...
Income Tax : Sunset date for claiming Income Tax exemption for SEZs – Time to further extend the sunset date mentioned under Section 10AA...
Income Tax : Section 10A of the Income Tax Act, 1961 (the Act for short) deals with special provision in respect of newly established undertaki...
Income Tax : Article discusses Exemption Under Special Provisions of Sections 10A, Section 10AA and Section 10B of Income Tax Act, 1961. A. Sec...
Income Tax : FM: Role of IT Sector is Crucial in Order to Promote E-Governance for Empowering Citizens; to Promote the Inclusive and Sustainabl...
Income Tax : Infosys Technologies Ltd. Tuesday said it will appeal against an order from the income tax department seeking more than 4 billion ...
Income Tax : Read the ITAT Mumbai's order in DCIT vs. Infrasoft Technologies Ltd., where exemption under Section 10A of the Income Tax Act was ...
Corporate Law : Madras High Court held that Section 10-A of the Insolvency and Bankruptcy Code, 2016 cannot be extended to cases where default con...
Income Tax : Assessee was entitled to the exemption under Section 10A as ex-post facto approval granted by the RBI, the competent authority und...
Income Tax : ITAT Chennai held that Form 56F not signed by an accountant, as referred in section 10A(5) of the Income Tax Act, is defective and...
Income Tax : On appeal CIT (A) held that disallowance u/s 10AA can be made only when the total income is enhanced by the AO or TPO. Co-ordinate...
Income Tax : As per section 10A(4) of Income Tax Act, 1961, profits derived from export of articles or things or computer software shall be amo...
Income Tax : Circular No. 14/2014-Income Tax CBDT had issued Circular No.12/2014 dated 18th July, 2014 to clarify that mere transfer or re-dep...
Income Tax : Circular No. 12/2014-Income Tax Section 10AA of the Income-tax Act, 1961, inter-alia, provides for deduction in respect of the pr...
Income Tax : A clarificatory Circular No. 01/2013 dated 17.01.2013 was issued by CBDT to address various contentious issues leading to tax disp...
Income Tax : A clarificatory Circular No. 01/2013, dated 17-1-2013 (hereinafter referred to as 'Circular') was issued by CBDT to address variou...
AO did conduct an enquiry, called for details, the details were produced and thereafter, the assessment was completed. Therefore, the finding of the PCIT was erroneous, consequently, assumption of jurisdiction under Section 263 was not sustainable. Also, there was no requirement in law to maintain separate books of account for claiming deduction under section 10A. However, since the deductions under these sections were available only to the eligible units, AO might call for such details or information pertaining to different units to verify the claim and quantum of exemption, if so required.
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 qualify for deduction under sectio 10A, 10AA.
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?
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 the countries would qualify for […]
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 […]
whether the 1st proviso of section 92C(4) is triggered when the income computation for deduction u/s 10AA is enhanced only in the computation of income and no such entries are made in the books of account?
Mindtree Ltd Vs. ACIT (Karnataka High Court) Thus, the Commissioner of Income Tax (Appeals) has recorded a categorical finding that assessee is engaged in the development of computer software, which is exported outside India. The aforesaid finding has not been set aside by the Tribunal. Therefore, in view of Explanation 2(iii) to Section 10B of […]
CIT Vs. Sankhya Technologies Pvt Ltd. (Madras High Court) It has been brought to the notice of this Court that there is a judgment of the Full Bench of the Karnataka High Court, to which one of us (Dr.Vineet Kothari, J.) was a party, in which the Full Bench has held that the interest on […]
The issue under consideration is whether disallowance of relocation expenses u/s 40(a)(i) of the Act and non granting of tax deducted at source with respect to that expense is justified in law?
whether the tribunal is correct in holding that the assessee is carrying on manufacturing activity as per SEZ Act, 2005 and hence eligible for deduction U/s.10AA?
