Income Tax : Understand Section 44AD of the Income Tax Act: presumptive business income, eligibility, turnover limits, and tax implications for...
Income Tax : Non-Governmental Organizations (NGOs) and trusts play a vital role in contributing to the welfare of society through charitable an...
Income Tax : Explore key income tax compliance requirements for charitable and educational institutions under the Income Tax Act for the assess...
Income Tax : Learn how small business owners can benefit from the presumptive taxation scheme under Section 44AD. Find out the eligibility cri...
Income Tax : Article discusses Exemption Under Special Provisions of Sections 10A, Section 10AA and Section 10B of Income Tax Act, 1961. A. Sec...
Fema / RBI, Finance, Income Tax : Announcing the foreign trade policy 2009-14 here on Thursday, Mr Anand Sharma, Union Commerce Minister said, the Government wanted...
Income Tax : ITAT Delhi held that disallowance under section 14A of the Income Tax Act is liable to be deleted in as much as fresh investment i...
Income Tax : ITAT Ahmedabad allows deduction under Section 80-IA despite late filing of Form 10CCB, ruling it as a procedural lapse. Read key c...
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 : Filing of Form 10CCB required for claiming deductions under Section 80IA before the due date for filing of return of income u/s 13...
Income Tax : Madras High Court held that benefit of section 10B of the Income Tax Act available even before setting off of unabsorbed depreciat...
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...
Income Tax : 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 resp...
Income Tax : The Indian Software Industry has been the beneficiary of direct tax incentives under the provisions like sections 10A, 10AA & 10B ...
Income Tax : Circular No. 01/2013-Income Tax The CBDT has issued a Circular No. 01/2013 dated 17.01.2013 in which it has provided clarificatio...
The undisputed fact now is that assessee has imported ascorbic acid FCC grade-iv and after undergoing some processing has made ascorbic acid IP. In the processing the assessee is using certain other chemicals, such as methanol and sulphuric acid for the purpose of cleaning and removing iron and lead contents, if any. The fine grade of ascorbic acid IP i
Exemption under section 10B-Availability-Return not filed by due date-Proviso to section 10B(1) which provides that no exemption under section 10B shall be allowed if return is not furnished by due date prescribed under section 139(1) is directory and not mandatory in nature. Therefore, in genuine cases exemption under section 10B may be allowed even if the return is not filed by the due date mentioned in section 139(1)
Bangalore bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of ACIT v. K. Mohan & Co.(Exports) (P.) Ltd [2010] 130 TTJ 719 (Bang) held that that profits earned from forward contracts cannot be included in the profits of the business of the undertaking for the purpose of computing deduction under Section 10B of the Income-tax Act, 1961(the Act) .
Definitions – Manufacture – Clause 3 – S 2 (29BA):- Clause 3 of the Finance Bill 2009 has sought to introduce sub section 29BA in section 2 of the Income Tax Act wherein the manufacture is defined for the first time The amendment is to take effect retrospectively from 1st April, 2009 and would apply in relation to Assessment Year 2009-2010 and subsequent years. . The amendment read as follows:
Section 10B of the Income-tax Act, 1961 – Export oriented undertaking – Assessment year 2003-04 – Assessee-company was engaged in business of contract research and in providing of laboratory facility to its parent company in USA – It had claimed exemption under section 10B – Assessing Officer observed that assessee was not manufacturing or exporting anything, as it was simply providing services of laboratory
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 under Sec 10 (A) for IT industry and under Sec 10 (B) for 100 per cent export oriented units for one additional year till March 31, 2011.
Instruction No. 2/2009 dated 09.03.2009 Section 10B of the Income tax Act provides for exemption of income in case of hundred per cent export oriented undertakings subject to prescribed conditions. Explanation 2 (iv) below to the said section defines a “hundred percent export oriented undertaking” as an undertaking so approved by the Board appointed in […]
Instruction No. 2/2009, dated 9-3-2009 Section 10B of the Income tax Act provides for exemption of income in case of hundred per cent export oriented undertakings subject to prescribed conditions. Explanation 2 (iv) below to the said section defines a “hundred percent export oriented undertaking” as an undertaking so approved by the Board appointed in […]
