section 10b

S. 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 More

All about carry forward & set off business loss & unabsorbed depreciation by undertaking governed by section 10A or 10B

Income 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 More

Income & Wealth Tax Issues in SEZ assessment

Income 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 More

Exemption Under Special Provisions – Sections 10A/10AA/10B

Income Tax - 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 Assessees on Export of Certain Articles or things or software Subject to the following Conditions: –...

Read More

I-T Dept releases Book on Controversies in Income Tax Assessment

Income Tax - The genesis of this book is an exercise carried out to compile best quality assessment orders passed in each Chief C.I.T region of Gujarat during the Financial Year 2011-12. On analyzing these orders it emerged that majority of additions were relatable to issues pertaining to 19 topics. Therefore it was decided to constitute  an expert [...

Read More

Foreign Trade Policy 2009-14 – IT exemption U/s.10(A) & 10(B) extended till March 2011

Income Tax - Announcing the foreign trade policy 2009-14 here on Thursday, Mr Anand Sharma, Union Commerce Minister said, the Government wanted to provide a stable policy environment conducive for foreign trade and accordingly, it has been decided to continue with the DEPB (Duty Entitlement Pass Book Scheme) up to December 2010 and income-tax benefits...

Read More

Assessee registered under STPI as a 100% EOU can claim deduction u/s 10B despite non approval by Board as 100% EOU

Dy. Commissioner of Income Tax Vs. M/s. Value Labs (ITAT Hyderabad) - While dismissing revenue’s appeal, the Hyderabad bench of Income Tax Appellate Tribunal (ITAT) has declared that assessee is entitled for deduction under Section 10B of the Income Tax Act 1961 even though it registered as a hundred percent Export Oriented Undertaking (EOU) under the Software Techn...

Read More

Deduction U/s. 10B can be claimed on export of customized electronic data or legal database

Asst. Commissioner of Income-Tax 11(3) Vs. M/s. Majmudar & Co. (ITAT Mumbai) - Expression Computer Software is wide enough to embrace diverse activities and to eliminate any doubt the reference can be made to Customized Electronic Data as mentioned in Second Explanation to Section 10B (2) of the Act. Further, CBDT issued notification and the notification relied on in the prese...

Read More

Rental Income incidental to business of assessee is eligible for deduction U/s. 10A

M/s. Infosys Limited Vs. Addl. Commissioner of Income Tax (ITAT Bangalore) - It was urged that the letting out of space to Infosys BPO Ltd. and BSNL at Chennai were therefore incidental to the business carried on by the assessee and therefore eligible for deduction under Section 10A of the Act....

Read More

HC on allowability of deduction U/s. 10A / 10B on Interest Income

CIT Vs. Hewlett Packard Global Soft Ltd (Karnataka High Court) - CIT Vs. Hewlett Packard Global Soft Ltd (Karnataka High Court) (Full Bench) HC held that assessee was entitled to 100% exemption or deduction under Section 10-A of the Act in respect of the interest income earned by it on the deposits made by it with the Banks in the ordinary course of its business ...

Read More

Exemption U/s. 10A / 10B can be claimed on incidental income from export of goods

CIT Vs. Hewlett Packard Global Soft Ltd (Karnataka High Court) - Profits of the business of the Undertaking for the purposes of Section 10-A/ 10-B includes the Profits and Gains from export of the articles as well as all other incidental incomes...

Read More

CBDT 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 More

AO 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 More

Circular on Sections 10A, 10AA, 10B and 10BA – Related to set off and carry forward of losses

Circular 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 More

Clarification Regarding issues Relating to Export of Computer Software- Direct TAX Incentives

Income tax press release - (17/01/2013) - The Indian Software Industry has been the beneficiary of direct tax incentives under the provisions like sections 10A, 10AA & 10B of the Income-tax Act, 1961 in respect of their profits derived from the export of computer software. ...

Read More

Clarifications on Issues relating to export of computer software – Deduction U/s. 10A, 10AA & 10B

Circular No. 01/2013-Income Tax - (17/01/2013) - Circular No. 01/2013-Income Tax The CBDT has issued a Circular No. 01/2013 dated 17.01.2013 in which it has provided clarifications on various issues relating to the export of computer software and the allowance of deduction under sections 10A, 10AA and 10B of the Income-tax Act, 1961. Circular Co...

Read More

section 10b’s Popular Posts

Recent Posts in "section 10b"

Assessee registered under STPI as a 100% EOU can claim deduction u/s 10B despite non approval by Board as 100% EOU

Dy. Commissioner of Income Tax Vs. M/s. Value Labs (ITAT Hyderabad)

While dismissing revenue’s appeal, the Hyderabad bench of Income Tax Appellate Tribunal (ITAT) has declared that assessee is entitled for deduction under Section 10B of the Income Tax Act 1961 even though it registered as a hundred percent Export Oriented Undertaking (EOU) under the Software Technology Park of India (STPI). ...

Read More

Deduction U/s. 10B can be claimed on export of customized electronic data or legal database

Asst. Commissioner of Income-Tax 11(3) Vs. M/s. Majmudar & Co. (ITAT Mumbai)

Expression Computer Software is wide enough to embrace diverse activities and to eliminate any doubt the reference can be made to Customized Electronic Data as mentioned in Second Explanation to Section 10B (2) of the Act. Further, CBDT issued notification and the notification relied on in the present case uses the expressions (iii) conte...

Read More

Rental Income incidental to business of assessee is eligible for deduction U/s. 10A

M/s. Infosys Limited Vs. Addl. Commissioner of Income Tax (ITAT Bangalore)

It was urged that the letting out of space to Infosys BPO Ltd. and BSNL at Chennai were therefore incidental to the business carried on by the assessee and therefore eligible for deduction under Section 10A of the Act....

Read More

HC on allowability of deduction U/s. 10A / 10B on Interest Income

CIT Vs. Hewlett Packard Global Soft Ltd (Karnataka High Court)

CIT Vs. Hewlett Packard Global Soft Ltd (Karnataka High Court) (Full Bench) HC held that assessee was entitled to 100% exemption or deduction under Section 10-A of the Act in respect of the interest income earned by it on the deposits made by it with the Banks in the ordinary course of its business and […]...

Read More

Exemption U/s. 10A / 10B can be claimed on incidental income from export of goods

CIT Vs. Hewlett Packard Global Soft Ltd (Karnataka High Court)

Profits of the business of the Undertaking for the purposes of Section 10-A/ 10-B includes the Profits and Gains from export of the articles as well as all other incidental incomes...

Read More

Tribunal bound to consider alternative claim to grant benefit U/s. 10A when Appellant was denied exemption u/s. 10B

CIT Vs. Ms Flytxt Technology P. Ltd. (Kerala High Court)

CIT Vs. Ms Flytxt Technology P. Ltd. (Kerala High Court) Admittedly, the assessee initially claimed the benefit of Section 10B which was allowed by the Assessing Officer. Only when the Commissioner was seized of the proceedings under Section 263, the assessee raised an alternative claim for the benefit of Section 10A. The Commissioner did...

Read More

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,...

Read More
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...

Read More
Posted Under: Income Tax |

It is not the ‘profit from export’ but ‘profit of business’ which is to be considered in formula u/s 10B(4)

Riviera Home Furnishing Vs Addl. Commissioner of Income Tax (Delhi High Court at New Delhi

In Riviera Home Furnishing vs. Addl. CIT, Hon’ble Delhi High Court while dealing with the interpretation of Section 10B(4) held that the manner of determining such eligible profits has been statutorily defined in sub-section (4) of section 10B of the Act....

Read More

DEPB benefits eligible for deduction under Section 10B

ACIT Vs M/s QH Talbros Ltd. (ITAT Delhi)

The present appeals filed by the Revenue are directed against the orders of CIT(A), Faridabad, dated 27.12.2011 and 20.12.2012 passed for the assessment years 2007-08 and 2008-09 respectively. The Revenue raised the following grounds of appeal in ITA No. 1321/Del/2012...

Read More
Page 1 of 612345...Last »

Browse All Categories

CA, CS, CMA (3,570)
Company Law (3,565)
Custom Duty (6,736)
DGFT (3,536)
Excise Duty (4,060)
Fema / RBI (3,324)
Finance (3,550)
Income Tax (25,860)
SEBI (2,781)
Service Tax (3,296)

Search Posts by Date

January 2018
M T W T F S S
« Dec    
1234567
891011121314
15161718192021
22232425262728
293031