Section 10B

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...

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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,...

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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...

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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...

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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 [...

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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...

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Section 10B: Losses of Eligible Units cannot Be Set off against Income of other Units

ACIT  Vs K.E.I. Industries Limited (ITAT  Delhi) - It is not a case, where losses of non eligible unit or units are being set off against the profit of eligible unit. The issue whether section 10A is exemption provision deduction provision is of no relevance. Insofar as, carry forward of loss of unit eligible to deduction under section 10B is concer...

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Section 10A/10B deduction eligible on ‘deemed export’ to other STP unit

Preludesys India Ltd. Vs. ACIT (Madras High Court) - 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...

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Interest on Bank deposits eligible for Section 10A or 10B deduction: HC

CIT Vs. Sankhya Technologies Pvt Ltd. (Madras High Court) - 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 […]...

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Assessee can claim section 10A exemption on section 10B exemption denial

Krythium Solutions Private Limited, Vs ACIT (ITAT Cochin) - Krythium Solutions Private Limited Vs ACIT (ITAT Cochin) The issue under consideration is whether claiming deduction u/s 10A of the Income Tax Act through filing revised return is justified in law? ITAT states that the CBDT Circular No.14 (XL-35) dated 11.04.1955 has clarified that the revenue shall...

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Section 10A/10B deductions should be made from Gross Total Income instead of Total Income

Comstar Automative Technologies Vs DCIT (Madras High Court) - Deductions either under Section 10A or 10B would be made while computing the gross total income of the eligible undertaking and not at the stage of computation of the total income....

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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....

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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 ...

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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...

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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. ...

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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 ...

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Recent Posts in "Section 10B"

Section 10B: Losses of Eligible Units cannot Be Set off against Income of other Units

ACIT  Vs K.E.I. Industries Limited (ITAT  Delhi)

It is not a case, where losses of non eligible unit or units are being set off against the profit of eligible unit. The issue whether section 10A is exemption provision deduction provision is of no relevance. Insofar as, carry forward of loss of unit eligible to deduction under section 10B is concerned the amendment made by the Finance Ac...

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Section 10A/10B deduction eligible on ‘deemed export’ to other STP unit

Preludesys India Ltd. Vs. ACIT (Madras High Court)

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 […]...

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Interest on Bank deposits eligible for Section 10A or 10B deduction: HC

CIT Vs. Sankhya Technologies Pvt Ltd. (Madras High Court)

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 […]...

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Assessee can claim section 10A exemption on section 10B exemption denial

Krythium Solutions Private Limited, Vs ACIT (ITAT Cochin)

Krythium Solutions Private Limited Vs ACIT (ITAT Cochin) The issue under consideration is whether claiming deduction u/s 10A of the Income Tax Act through filing revised return is justified in law? ITAT states that the CBDT Circular No.14 (XL-35) dated 11.04.1955 has clarified that the revenue shall not take advantage of ignorance of the ...

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Section 10A/10B deductions should be made from Gross Total Income instead of Total Income

Comstar Automative Technologies Vs DCIT (Madras High Court)

Deductions either under Section 10A or 10B would be made while computing the gross total income of the eligible undertaking and not at the stage of computation of the total income....

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Deduction u/s 10B allowable based on approval from STPI despite non-ratification by Board

DCIT Vs Ms Hitech Infosoft (ITAT Ahmedabad)

Deduction under section 10B could not be denied on the ground that the approval of STPI units of the assessee was not ratified by the Board of approvals as mandated u/s 10B....

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Treatment of interest income for deduction u/s 10B of Income Tax Act, 1961

Universal Precision Screws Vs JCIT (ITAT Delhi)

Assessee is entitled to deduction u/s 10B of the Act in respect of the interest income earned on FDRs made for the purposes of keeping margin money or for availing any other credit facility from banks....

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S. 10B STPI Commissioner approval should be construed as Board approval

Limtex Infotech Ltd. Vs ITO (ITAT Kolkata)

As per section 10B for an undertaking to be eligible as 100% Export Oriented Undertaking, it should fulfill the following conditions: i) The undertaking must have approved by the Development Commissioner ii) The approval so granted by the Development Commissioner should be subsequently ratified by the Board of Approval for Export Oriented...

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

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...

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Posted Under: Income Tax |

Swarovski India Pvt. Ltd Appeal: The three golden rulings

Swarovski India Pvt. Ltd. Vs DCIT (Delhi High Court)

1. While allowing deduction under section 10B, the deduction is to be allowed to eligible undertaking, even the income being in negative. 2. Cutting and polishing of precious and semi precious stones constitutes manufacturing as contemplated in section 10B, 3. No fresh fact or fresh material which formed the reasons to believe for reop...

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