Section 10B

Comprehensive Guide to Key Terms in the World of NGOs and Trusts

Income Tax - Non-Governmental Organizations (NGOs) and trusts play a vital role in contributing to the welfare of society through charitable and philanthropic activities. Navigating the intricate landscape of legal and financial terms related to these entities is essential for their effective functioning. This comprehensive guide aims to shed light on...

Important Points Related To Income Tax Compliance for Charitable & Educational Institutions AY 2023-24

Income Tax - Explore key income tax compliance requirements for charitable and educational institutions under the Income Tax Act for the assessment year 2023-24....

Small Businessmen Can opt Presumptive Taxation Scheme under section 44AD

Income Tax - Learn how small business owners can benefit from the presumptive taxation scheme under Section 44AD. Find out the eligibility criteria, calculation method, and advantages of this scheme. Discover how it can simplify tax compliance for small businesses....

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...

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,...

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...

Section 80P(2)(a)(i) deduction not allowed if not claimed in Tax Return

Datta Prasad Sahakari Patsanstha Ltd Vs ITO (ITAT Mumbai) - Explore the ITAT Mumbai's ruling on Datta Prasad Sahakari Patsanstha's appeal against the denial of deduction under section 80P(2)(a)(i) for the assessment year 2011-12....

Section 80P Deduction Conditional on Timely Claim in Return Filed U/s 139(1)

Madhu Souharda Pathina Sahakari Niyamitha Vs ITO (ITAT Bangalore) - Explore the ITAT Bangalore verdict on how the statutory deadline for filing returns affects eligibility for deductions under Section 80P, highlighting the case of Madhu Souharda Pathina Sahakari Niyamitha vs ITO....

Additional Deduction Claimable Under Section 80JJAA After Return Filing

Jaquar and Company P. Ltd Vs DCIT (ITAT Delhi) - ITAT Delhi held that the assessee is entitled to make additional claim of deduction u/s. 80JJAA of the Income Tax Act on the strength of judgment of Hon’ble High Court of Karnataka even though the same was not included while filing return of income....

Internal transfer between two EOUs eligible for exemption u/s 10B

Hindustan Unilever Limited Vs ACIT (ITAT Mumbai) - ITAT Mumbai held that the amount of internal transfer between two EOUs of the assessee is to be considered for the purpose of arriving at the profit eligible for exemption under section 10B of the Income Tax Act....

Specified domestic transactions adjustment invalid after 01.04.2017

Relaxo Footwear Ltd. Vs Assessing Officer (ITAT Delhi) - Finance Act, 2017 removed clause (i) of section 92BA, effectively nullifying any decisions made by the Assessing Officer under this section. Reference to the TPO under section 92CA also becomes invalid...

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....

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 ...

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 prov...

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. ...

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 ...

Recent Posts in "Section 10B"

Section 80P(2)(a)(i) deduction not allowed if not claimed in Tax Return

Datta Prasad Sahakari Patsanstha Ltd Vs ITO (ITAT Mumbai)

Explore the ITAT Mumbai's ruling on Datta Prasad Sahakari Patsanstha's appeal against the denial of deduction under section 80P(2)(a)(i) for the assessment year 2011-12....

Section 80P Deduction Conditional on Timely Claim in Return Filed U/s 139(1)

Madhu Souharda Pathina Sahakari Niyamitha Vs ITO (ITAT Bangalore)

Explore the ITAT Bangalore verdict on how the statutory deadline for filing returns affects eligibility for deductions under Section 80P, highlighting the case of Madhu Souharda Pathina Sahakari Niyamitha vs ITO....

Comprehensive Guide to Key Terms in the World of NGOs and Trusts

Non-Governmental Organizations (NGOs) and trusts play a vital role in contributing to the welfare of society through charitable and philanthropic activities. Navigating the intricate landscape of legal and financial terms related to these entities is essential for their effective functioning. This comprehensive guide aims to shed light on...

Posted Under: Income Tax |

Important Points Related To Income Tax Compliance for Charitable & Educational Institutions AY 2023-24

Explore key income tax compliance requirements for charitable and educational institutions under the Income Tax Act for the assessment year 2023-24....

Posted Under: Income Tax | ,

Additional Deduction Claimable Under Section 80JJAA After Return Filing

Jaquar and Company P. Ltd Vs DCIT (ITAT Delhi)

ITAT Delhi held that the assessee is entitled to make additional claim of deduction u/s. 80JJAA of the Income Tax Act on the strength of judgment of Hon’ble High Court of Karnataka even though the same was not included while filing return of income....

Internal transfer between two EOUs eligible for exemption u/s 10B

Hindustan Unilever Limited Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that the amount of internal transfer between two EOUs of the assessee is to be considered for the purpose of arriving at the profit eligible for exemption under section 10B of the Income Tax Act....

Specified domestic transactions adjustment invalid after 01.04.2017

Relaxo Footwear Ltd. Vs Assessing Officer (ITAT Delhi)

Finance Act, 2017 removed clause (i) of section 92BA, effectively nullifying any decisions made by the Assessing Officer under this section. Reference to the TPO under section 92CA also becomes invalid...

Section 24(b), 80C & 80D Deduction Can’t Be Denied for Not Claiming in ITR

Sandip Chattopadhyay Vs ITO (ITAT Kolkata)

In Sandip Chattopadhyay vs. ITO case, ITAT Kolkata ruled that deductions under sections 24(b), 80C, and 80D cannot be denied for not being claimed in ITR....

Omission of claiming long term capital loss in original return not bona fide so claim via revised return allowable

DCIT Vs Bilcare Limited (ITAT Pune)

ITAT Pune held that omission of claiming long term capital loss at the time of filing of original return was not bona fide. Accordingly, rejection of claim of the same in revised return unsustainable in the eyes of law....

Small Businessmen Can opt Presumptive Taxation Scheme under section 44AD

Learn how small business owners can benefit from the presumptive taxation scheme under Section 44AD. Find out the eligibility criteria, calculation method, and advantages of this scheme. Discover how it can simplify tax compliance for small businesses....

Posted Under: Income Tax |

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