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...
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 not […]
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 […]
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
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, it has been clarified that mere transfer or redeployment of technical man-power from an existing unit to a new SEZ unit
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 relevant assessment years or subsequent assessment years, viz. AY 2010-11
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.
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
Quality BPO Services Pvt Ltd, Vs ACIT (OSD) (ITAT Ahmedabad)- The issue under appeal relates to examination of the claim of assessee under section 10B of the Act at Rs.67,08,733/- which hitherto has been disallowed by the Assessing Officer and further sustained
Delhi High Court held In the case of Principal CIT vs. Universal Precision Screws that interest on fixed deposits has the requisite characteristic of business income and has a nexus to the business activities of the Assessee.
CIT vs. M/s. Pentasoft Technologies Ltd. (Madras High Court)- In order to allow a claim under Section 10A of the Act, what all is to be seen is whether such benefit earned by the assessee was derived by virtue of export made by the assessee.
