Section 80IAC

Carry Forward & Set Off of Losses in Case of Closely Held Companies [Section 79]

Income Tax - 1. Carry forward and set off of losses in case of a closely held company not being an eligible start-up[i] referred to in section 80-IAC In the case of a company in which the public is not substantially interested and not being an eligible start-up referred to in section 80-IAC, no loss incurred in any […]...

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Concept of Angel Tax & Taxability under Income Tax Act 1961

Income Tax - As you are aware that finance is the most important driving force in our society and the country. Your bank balance determines your status in the society. Your living of standard shows your financial position and your acceptance in the society and your relatives. So finance is the most important aspects of a human life. […]...

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Extension of date of incorporation for eligible start up for exemption

Income Tax - The existing provisions of the section 80-IAC of the Act inter alia, provide for a deduction of an amount equal to one hundred percent of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years, beginning from the year of incorporation, at the […]...

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Budget 2022: Update on tax holiday for startups

Income Tax - What is Startups? A Startup is a company or project undertaken by an entrepreneur to seek, develop and validate s scalable business model. In layman’s language we can say startups refer to new businesses that intend to grow large beyond the solo founder and to help the business to grow our union government provides to […]...

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Points to be consider while claiming Section 80IAC deduction in ITR

Income Tax - There are very few eligible startups which are allowed to claim deduction under section 80IAC by ministry. Hence the startup must use this tax exemption wisely. Before filling Income Tax return (ITR) and claiming deduction under section 80IAC, the startup must keep following points in mind. Otherwise, it may result in disallowance of ded...

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4 Major Tax Exemptions to Startups

Income Tax - 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemption on Investments above Fair Market Value, Introduction of Section 54EE in the Income Tax Act, 1961 and Amendment in Section 54GB of the Income-tax Act....

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Sec. 79 Carry forward and set off of loss in case of eligible startups: Provide further relaxation

Income Tax - The Finance Act, 2017 amended section 79 to provide that where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested and being an eligible start-up as referred to in section 80-IAC of the Act...

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100% Section 80IAC deduction on Substantial Expansion after Expiry of 5 Years of setting up of new industry

Spinks Impex Vs ITO (ITAT Delhi) - Spinks Impex Vs ITO (ITAT Delhi) Hon’ble Apex court in the matter of PCIT vs. Aarham Softronics [2019] 102 com 343 (SC), pronounced on 20-02-2019. Wherein, it was held an assessee availing exemption of 100% tax on setting up of a new industry, which is admissible for 5 years, and either on the exp...

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Hiring of certain machineries from sister concern not amounts to transfer for Section 80J(4)(ii)

Sundaram Non-Conventional Energy Systems Limited Vs ACIT (Madras High Court) - The decision of the Hon'ble Supreme Court in Bajaj Tempo Ltd. (supra), was followed in CIT vs.Nayyars Minerals Export (P.) Ltd. reported in (1998) 231 ITR 864 (HP), wherein it was held that hiring of certain machineries from sister concern would not amount to transfer as provided under Section 80J(4...

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Section 80IAC deduction allowable on sale of scrap

ACIT Vs Finolex Cables Limited (ITAT Pune) - ACIT Vs Finolex Cables Limited (ITAT Pune) The solitary issue involved in the appeal of the Revenue for A.Y. 2012-13 relating to the assessee‟s claim for deduction u/s 80IC of the Act in respect of sale of scrap is squarely covered in favour of the assessee by various decisions of Tribunal rendere...

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CBDT issues clarification on eligibility of small Start-ups to avail tax holiday

NA - (22/08/2019) - The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’), which provides deduction for 100 per cent of income of an eligibl...

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Recent Posts in "Section 80IAC"

100% Section 80IAC deduction on Substantial Expansion after Expiry of 5 Years of setting up of new industry

Spinks Impex Vs ITO (ITAT Delhi)

Spinks Impex Vs ITO (ITAT Delhi) Hon’ble Apex court in the matter of PCIT vs. Aarham Softronics [2019] 102 com 343 (SC), pronounced on 20-02-2019. Wherein, it was held an assessee availing exemption of 100% tax on setting up of a new industry, which is admissible for 5 years, and either on the expiry of […]...

Read More

Carry Forward & Set Off of Losses in Case of Closely Held Companies [Section 79]

1. Carry forward and set off of losses in case of a closely held company not being an eligible start-up[i] referred to in section 80-IAC In the case of a company in which the public is not substantially interested and not being an eligible start-up referred to in section 80-IAC, no loss incurred in any […]...

Read More
Posted Under: Income Tax |

Concept of Angel Tax & Taxability under Income Tax Act 1961

As you are aware that finance is the most important driving force in our society and the country. Your bank balance determines your status in the society. Your living of standard shows your financial position and your acceptance in the society and your relatives. So finance is the most important aspects of a human life. […]...

Read More
Posted Under: Income Tax |

Extension of date of incorporation for eligible start up for exemption

The existing provisions of the section 80-IAC of the Act inter alia, provide for a deduction of an amount equal to one hundred percent of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years, beginning from the year of incorporation, at the […]...

Read More
Posted Under: Income Tax |

Budget 2022: Update on tax holiday for startups

What is Startups? A Startup is a company or project undertaken by an entrepreneur to seek, develop and validate s scalable business model. In layman’s language we can say startups refer to new businesses that intend to grow large beyond the solo founder and to help the business to grow our union government provides to […]...

Read More
Posted Under: Income Tax |

Points to be consider while claiming Section 80IAC deduction in ITR

There are very few eligible startups which are allowed to claim deduction under section 80IAC by ministry. Hence the startup must use this tax exemption wisely. Before filling Income Tax return (ITR) and claiming deduction under section 80IAC, the startup must keep following points in mind. Otherwise, it may result in disallowance of ded...

Read More
Posted Under: Income Tax |

Start-up India – Recognition, Eligibility, Tax exemption & Company Law Relaxations

Startup Recognition: Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127(E) are eligible to apply for recognition under the program. Eligibility Criteria for Startup Recognition as per G.S.R. notification 127(E) is as follows: 1. The Startup should be incorporated as a private...

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Posted Under: Income Tax |

Hiring of certain machineries from sister concern not amounts to transfer for Section 80J(4)(ii)

Sundaram Non-Conventional Energy Systems Limited Vs ACIT (Madras High Court)

The decision of the Hon'ble Supreme Court in Bajaj Tempo Ltd. (supra), was followed in CIT vs.Nayyars Minerals Export (P.) Ltd. reported in (1998) 231 ITR 864 (HP), wherein it was held that hiring of certain machineries from sister concern would not amount to transfer as provided under Section 80J(4)(ii) of the Act....

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Availed Startup Benefits?

I. Introduction What qualifies as a “Start-up” under the Start-up India Scheme? An entity shall be eligible to apply for Start-up Registration if: 1. It is incorporated as a Pvt Ltd Company or registered partnership firm or LLP. 2. Up to ten years from the date of its incorporation/registration 3. Turnover for any of the [&hel...

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Posted Under: Income Tax |

Tax benefits available for Startups

The Startup should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership. Turnover should be less than INR 100 Crores in any of the previous financial years since incorporation....

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Posted Under: Income Tax |

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