Section 80IB

Major changes in ITR for FY 2023-24

Income Tax - The department released new ITR form for AY 2024-2025. So, to help you all a little bit, I am coming here with this article which highlight changes in each ITR which would help you to be prepared with documents during filing of ITR. ITR-1 1. The ITR includes new section wherein the amount received from […]...

Tax planning while setting up of a business with reference to location

Income Tax - Tax planning while setting up of a business with reference to location (2021-2022 A.Y, A.Y 2022-2023 , A.Y 2023-2024  and A.Y 2024-2025)...

How to avail Maximum benefit under Section 80IB(10)

Income Tax - Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10) of the Income-Tax Act to Undertakings engaged in the development and construction of Housing Project(s). Apparently, the provisions of S.80-IB(10) look quite simple, but when one goes into the various conditi...

Section 80-IBA Affordable Housing Scheme: Analysis of Section, FAQs, Relevant Case Laws and Updated with Finance Act 2020

Income Tax - Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution: - Yes, because same conditions are there for nearby cities which are within 25km from municipal limits of metro cities. And From FY 2017-18, nearby cities will be considered as non metro cities even though th...

Private healthcare sector: Income tax incentives, Provisions & Judgments

Income Tax - Private healthcare sector: Income tax incentives, Legal Provisions and Judgments This article covers various sections related to healthcare sector such as Section 10(23C), Section 44A, Section 44AB, Section 11, Section 12, Section 35AD, Section 194I, Section 194h, Section J and many more along with various related case laws. Legal Provisi...

CBDT have well-established mechanism to deal with Audit Objections

Income Tax - The office of the Comptroller & Auditor General (C & AG) conducts compliance as well as performance audit relating to specific area of work of the Department. Such an audit on the ssue relating to “Allowance of deduction to the assessees engaged in Infrastructure Development” was conducted by the C & AG in the year 2015 and the report...

No established mechanism to assess revenue foregone on account of deduction U/s. 80 IA

Income Tax - The CBDT did not have any established mechanism to assess the impact of revenue foregone on account of deduction under section 80 IA on the economic and industrial growth of the country. ...

Budget 2011-12- Give tax sops on affordable housing

Income Tax - Industry chamber Assocham today asked the government to re-introduce the tax exemption scheme to promote affordable housing in the forthcoming Budget for 2011-12. The chamber also said real estate sector should be accorded infrastructure industry sta...

Study of recent amendment in deduction for developing and building housing projects – S. 80-IB

Income Tax - Section 80-IB (10) of the Act is aimed at promoting construction of housing projects, so as to address the problem of shortage of dwelling units. The predominant objective of this incentive provision, therefore, is to encourage better availability of the dwelling units for low and middle class segment of the society....

Hospitality sector want tax holiday to extended to 10 years

Income Tax - Sushanto Roy, CEO, Sahara Prime City, has in a pre-Budget wish list of expectations said: "Given the pent-up demand for affordable housing which was discovered during the recent slowdown there is a need to reintroduce tax holiday under section 80IB for housing projects constructed after March 31, 2008." Tax holiday for hotels, under secti...

Denial of deduction u/s. 80IB(10) unjustified as separate building planning permission obtained for each block

Takshashila Realities Pvt Ltd Vs ACIT (ITAT Ahmedabad) - ITAT Ahmedabad held that denial of deduction u/s. 80IB(10) of the Income Tax Act alleging non-completion of some blocks unjustified as separate building planning permission were obtained by assessee from Local Authority namely AMC for each Block as a separate housing project....

Internal transfer between two EOUs eligible for exemption u/s 10B

Hindustan Unilever Limited Vs ACIT (ITAT Mumbai) - ITAT Mumbai held that the amount of internal transfer between two EOUs of the assessee is to be considered for the purpose of arriving at the profit eligible for exemption under section 10B of the Income Tax Act....

Pre-01.04.2021 CPC cannot make Adjustments in section 80P Deduction

West Bengal State Multipurpose Consumers Cooperative Federation Limited Vs ACIT (ITAT Kolkata) - In an ITAT Kolkata ruling, deduction u/s 80P for AY 2019-20 was allowed due to timely filing within the due date specified by CBDT. The CPC's adjustment was deemed beyond its jurisdiction before April 2021...

Reduce Section 80IA/80IB deduction from Business Profits for 80HHC deduction

ITO Vs Madhusudhan Industries (ITAT Ahmedabad) - The recent ITAT ruling underlines that the deductions under sections 80IA/80IB should be subtracted from business profits when computing the deduction U/S. 80HHC. This is a comprehensive review of the case ITO vs Madhusudhan Industries....

On-money income assessable in year in which sale of concerned flat is declared

Magnates Enterprises Vs ACIT (ITAT Mumbai) - ITAT Mumbai held that the income portion of the on-money is assessable in the year in which the sale of concerned flat is declared by the assessee....

Deduction U/s 80IB, 80IC eligible on Transport, Power & Interest subsidies

Circulars No. 39/2016 - (29/11/2016) - It is a settled position that revenue subsidies received from the Government towards reimbursement of cost of production/manufacture or for sale of the manufactured goods are part of profits and gains of business derived from the Industrial Undertaking/ eligible business, and are thus, admissible fo...

Section 80-IB of the Income-tax Act, 1961 – Corrigendum to Notification No. S.O. 1898(E), dated 3-8-2010

Notification No. 2/2011 - Income Tax - (05/01/2011) - Notification No. 2/2011 - Income Tax In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number S.O. 1898(E), dated the 3rd August, 2010, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (...

Section 80-IB – Scheme for slum redevelopment prepared by Maharashtra Government

Notification No. 01/2011- Income Tax - (05/01/2011) - Notification No. 01/2011- Income Tax In exercise of the powers conferred by clauses (a) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies, the Scheme for slum redevelopment prepared by the Maharashtra Government under sub-section (2) of ...

Notification No. 67/2010- Notified scheme for purposes of section 80-IB(10)

Notification No. 67/2010 - Income Tax - (03/08/2010) - Notification No. 67/2010 - Income Tax In exercise of the powers conferred by the proviso to Clause (a) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies the Scheme contained in Regulations 33(10) of Development Control Regulation for Gre...

Clarification regarding deduction under section 80-IB(10) in respect of undertakings developing building and housing projects

Instruction No. 4/2009 - (30/06/2009) - Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing projects is allowed a deduction of 100% of its profits derived from such projects if it commenced the project on or after 1.10.1998 and completes the construction within fou...

Recent Posts in "Section 80IB"

Denial of deduction u/s. 80IB(10) unjustified as separate building planning permission obtained for each block

Takshashila Realities Pvt Ltd Vs ACIT (ITAT Ahmedabad)

ITAT Ahmedabad held that denial of deduction u/s. 80IB(10) of the Income Tax Act alleging non-completion of some blocks unjustified as separate building planning permission were obtained by assessee from Local Authority namely AMC for each Block as a separate housing project....

Internal transfer between two EOUs eligible for exemption u/s 10B

Hindustan Unilever Limited Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that the amount of internal transfer between two EOUs of the assessee is to be considered for the purpose of arriving at the profit eligible for exemption under section 10B of the Income Tax Act....

Major changes in ITR for FY 2023-24

The department released new ITR form for AY 2024-2025. So, to help you all a little bit, I am coming here with this article which highlight changes in each ITR which would help you to be prepared with documents during filing of ITR. ITR-1 1. The ITR includes new section wherein the amount received from […]...

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Pre-01.04.2021 CPC cannot make Adjustments in section 80P Deduction

West Bengal State Multipurpose Consumers Cooperative Federation Limited Vs ACIT (ITAT Kolkata)

In an ITAT Kolkata ruling, deduction u/s 80P for AY 2019-20 was allowed due to timely filing within the due date specified by CBDT. The CPC's adjustment was deemed beyond its jurisdiction before April 2021...

Reduce Section 80IA/80IB deduction from Business Profits for 80HHC deduction

ITO Vs Madhusudhan Industries (ITAT Ahmedabad)

The recent ITAT ruling underlines that the deductions under sections 80IA/80IB should be subtracted from business profits when computing the deduction U/S. 80HHC. This is a comprehensive review of the case ITO vs Madhusudhan Industries....

On-money income assessable in year in which sale of concerned flat is declared

Magnates Enterprises Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that the income portion of the on-money is assessable in the year in which the sale of concerned flat is declared by the assessee....

Increase in business income due to addition of concealed production not eligible for deduction u/s 80IB

Medley Pharmaceuticals Ltd Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that deduction u/s 80IB of the Income Tax Act, in respect of increased business income due to addition on account of concealed production, is not allowable....

Foreign travel expense of company employees’ spouse who accompanied on official tour is allowable

 Hindustan Unilever Ltd Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that foreign travelling expenses in respect of spouses who accompanied on official tour with some of the company employees is allowable expenditure....

Denial of Foreign Tax Credit merely because Form 67 furnished after due date of return filing is unjustified

Sanjeev Agarwal Vs DCIT (ITAT Jaipur)

ITAT Jaipur held that denial of Foreign Tax Credit merely because Form 67 was filed after the due date of filing the return under section 139(1) of the Income Tax Act is unjustified and untenable in law....

Deduction u/s 10AA duly available to interest income earned from FD

Jardine Lloyd Thompson Private Limited Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that interest income earned by the assessee on account of surplus funds placed in FD is eligible for deduction under section 10AA of the Income Tax Act....

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