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 202...
Income Tax : Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospi...
Income Tax : CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income...
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...
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 secti...
Income Tax : While presenting interim Budget 2019-20 For making more homes available under affordable housing, the benefits under Section 80-...
Income Tax : Mumbai ITAT's ruling on Colorplus Realty Limited vs. Dy. CIT case regarding deduction u/s 80IB for compensation received from insu...
Income Tax : ITAT Mumbai held that initiation of revisionary proceedings u/s 263 of the Income Tax Act justified as assessment order was passed...
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 they will be within 25 km from municipal limits of metro cities.
Krishna, Government of India has taken a major step towards ensuring that people get their own house by introducing Pradhan Mantri Awaas Yojna and changes have been made in Tax laws also. Please tell me elaborately regarding this.
Extending time limit for approval of affordable housing project for availing deduction under section 80-IBA of the Act extended to 31st March, 2021. The existing provisions of section 80-IBA of the Act, inter alia, provide that where the gross total income of an assessee includes any profits and gains derived from the business of developing […]
Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section.
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 the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent (100%) of the profits and gains derived from such business.
CBDT has inserted section 80IBA by Finance Act, 2016.The provisions of this sections are designed in such way that, it will help to achieve a goal of Housing for All by 31 March 2022.
In order to provide an impetus to the ‘Housing for all’ objective of the Government and to enable the home buyer to have low-cost funds at his disposal, it is proposed to insert a new section 80EEA in the Act so as to provide a deduction in respect of interest up to one lakh fifty […]
Section 80-IBA Detailed Analysis – Affordable Housing Project 1. Affordable Housing Meaning Affordable housing refers to housing units that are affordable by that section of society whose income is below the median household income. The basic intention of the Government is to build houses which are affordable to below medium class. The incentives given by […]
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 extend […]
The Union Budget 2017-18 announced number of measures to boost affordable housing which includes Section 80-IBA which allowed 100% deduction on profits generated by developer or builder of affordable housing project.
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