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 : The Tribunal held that a short delay caused by hospitalisation must be condoned when supported by evidence. Procedural lapses cann...
Income Tax : Mumbai ITAT sets aside PCIT's revisionary order against Johar Hasan Zojwalla, ruling that jurisdiction was wrongly assumed due to ...
Income Tax : Bombay High Court sets aside PCIT order condoning a developer 45-day delay in filing tax returns. Cites genuine hardship and a pr...
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...
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.
Under section 80-IBA, inserted by the Finance Act, 2016 from 1.4.2017, deduction of 100% of profits derived from development of affordable housing projects approved on or after 1st June 2016 is available, subject to fulfilment of specified conditions.
In order to promote the development of affordable housing sector, it is proposed to amend section 80-IBA so as to provide the following relaxations:—(i) The size of residential unit shall be measured by taking into account thecarpet area as defined in Real Estate (Regulation and Development) Act, 2016 and not built-up area
