Section 80IBA

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)...

Demystifying Section 80IBA: 100% Income Tax Deduction for Affordable Housing Projects

Income Tax - Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospitality, and commercial. Corporate environment and the demand for office space are few of the factors for the growth. This growth in the sector plays a substantial role in the increased prices of the lands [&hel...

Deduction under 80IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961)

Income Tax - CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961) Introduction:- The real estate sector plays a important role in fulfilling the need and demand for housing and infrastructure in the country. The growth of this sector is well complemented by th...

Incentives for affordable rental housing under section 80IBA

Income Tax - It is proposed to insert sub-section (1A) in the said section so as to provide for hundred per cent. deductions of the profits and gains derived from the business of developing and building affordable rental housing project....

Section 80IBA (Affordable Housing Scheme / House For All)

Income Tax - After section 80-IB of the Income-tax Act, section 80-IBA shall be inserted with effect from the 1st day of April, 2017. The section was inserted by Finance Act, 2016. Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to th...

Section 80-IBA deduction extended for one more year (Budget 2019)

Income Tax - While presenting interim Budget 2019-20  For making more homes available under affordable housing, the benefits under Section 80-IBA of the Income Tax Act is being extended for one more year, i.e., to the housing projects approved till 31st March, 2020. Also, for giving impetus to the real estate sector, the Finance Minister proposed to ...

Revisionary proceedings u/s 263 justified as order passed without proper inquiry and verification

Sudhir Vrundavandas Valia Vs PCIT (ITAT Mumbai) - ITAT Mumbai held that initiation of revisionary proceedings u/s 263 of the Income Tax Act justified as assessment order was passed by AO without proper inquiry and verification with regard to claim of deduction u/s. 80IA(4)....

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Recent Posts in "Section 80IBA"

Revisionary proceedings u/s 263 justified as order passed without proper inquiry and verification

Sudhir Vrundavandas Valia Vs PCIT (ITAT Mumbai)

ITAT Mumbai held that initiation of revisionary proceedings u/s 263 of the Income Tax Act justified as assessment order was passed by AO without proper inquiry and verification with regard to claim of deduction u/s. 80IA(4)....

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

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)...

Posted Under: Income Tax |

Demystifying Section 80IBA: 100% Income Tax Deduction for Affordable Housing Projects

Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospitality, and commercial. Corporate environment and the demand for office space are few of the factors for the growth. This growth in the sector plays a substantial role in the increased prices of the lands [&hel...

Posted Under: Income Tax |

Deduction under 80IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961)

CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961) Introduction:- The real estate sector plays a important role in fulfilling the need and demand for housing and infrastructure in the country. The growth of this sector is well complemented by th...

Posted Under: Income Tax |

Incentives for affordable rental housing under section 80IBA

It is proposed to insert sub-section (1A) in the said section so as to provide for hundred per cent. deductions of the profits and gains derived from the business of developing and building affordable rental housing project....

Posted Under: Income Tax |

Section 80IBA (Affordable Housing Scheme / House For All)

After section 80-IB of the Income-tax Act, section 80-IBA shall be inserted with effect from the 1st day of April, 2017. The section was inserted by Finance Act, 2016. Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to th...

Posted Under: Income Tax |

Deductions in respect of Profits and Gains from Housing Projects

Deductions in respect of Profits and Gains from Housing Projects (Section 80-IBA)- In order to provide impetus to affordable housing sector to achieve the larger objective of 'Housing for All', section 80-IBA has been inserted....

Posted Under: Income Tax |

Section 80 IBA | Affordable Housing Scheme | Income Tax Deduction

Sub: Opinion on Section 80-IBA of Income Tax Act, 1961 (i.e Affordable Housing Scheme) (I) Facts of the Case: Brief Description on Section 80-IBA of Income Tax, 1961 (Housing For All) Scheme. (II) Analysis : Provisions of Section 80- IBA of Income Tax Act, 1961: (1) Deduction of 100% profits to Affordable Housing Projects: Where […...

Posted Under: Income Tax |

Decoding 80IBA: 100% tax deduction for affordable housing project

To make purchase of house affordable and give tax incentives to Real Estate Developers Government in the current Union Budget 2016, have announced 100% deduction of the profits and gains derived from construction business, by insertion of new section 80 IBA of Income Tax Act, 1961. Following are the conditions under the scheme: ...

Posted Under: Income Tax | ,

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

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...

Posted Under: Income Tax |

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