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 held that a typographical mistake in selecting the wrong sub-clause of Section 80P does not defeat a valid deduction claim. T...
Income Tax : The ITAT Kolkata held that delayed filing of Form No. 67 cannot deprive an assessee of Foreign Tax Credit under Section 90 and the...
Income Tax : The issue was whether delayed filing of return bars deduction under Section 10AA. ITAT held that timely filing was not mandatory f...
Income Tax : A taxpayer could submit a revised return u/s 139(5) only when it discovered a bona fide omission or incorrect statement in the ori...
Income Tax : The case examined whether delayed filing of Form 10/10B invalidates exemption under section 11(2). The Tribunal held that procedur...
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...
Polybond India Pvt. Ltd. Vs JCIT (ITAT Pune) It is seen that the assessee claimed deduction u/s 10B of the Act. In the computation of deduction, the assessee inter alia, excluded DEPB entitlement of Rs.48.28 lakhs from the `export turnover‟ which amount was also excluded from the amount of `total turnover’. The authorities below have […]
Gangagen Biotechnologies Pvt. Ltd. Vs PCIT (ITAT Bangalore) Bombay High Court in the case of CIT vs. Western Outdoor Interactive Pvt. Ltd. (349 ITR 309) has held that whether a benefit of deduction is available for a particular number of years on satisfaction of certain conditions and under the provision of Act, then without withdrawing […]
Indus Teqsite Private Ltd. (presently known as Data Patterns India Pvt. Vs DCIT (Madras High Court) Merely because the ratification has not been done by a Higher Authority, will it automatically vitiate the approval, which was granted by the Competent Authority namely the Development Commissioner. The learned Single Judge, after noting that the said assessee […]
CIT Vs HTC Global Services India Pvt. Ltd. (Madras High Court) Appellate Tribunal was not correct in confirming to reduce the expenses relating to telecommunication and travel expenses in foreign currency from the total turnover for computing deduction under Section 10B of the Income Tax Act. Further Appellate Tribunal was not right in excluding the […]
M/s. Kone Elevators (India) Pvt. Limited Vs ACIT (Madras High Court) Undoubtedly, the assessee had not submitted the ratification certificate to be obtained from the CBDT for claiming exemption under Section 10B of the Act. However, there are certain confusions even within the Department Officials regarding production of such ratification certificate from the CBDT. The […]
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 Act, 2003 to subsection (6) with retrospective effect from 01.04.2001 specifically provide for carry forward of losses of 100% EOU.
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 […]
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 […]
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 assessee […]
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.
