Deduction u/s.80IC on the profits - gross total income - Going ...

Income Tax

May 12, 2022

Deduction u/s.80IC on the profits - gross total income - Going with the prescription of section 80A(2) of the Act, if the gross total income is more than the aggregate amount of deductions under Chapter VI-A, then such total amount of deductions is reduced from it to find out the total income. If however, the aggregate amount of deductions under this Chapter happens to be more than the gross total income, then such aggregate amount of deductions gets restricted to the amount of the gross total income with the effect that the total income is reduced to Nil and is not converted into loss so as to allow carry forward of the amount of deductions under this Chapter to the next year. - AT

View Source

← Previous Next →

Deduction u/s.80IC on the profits - gross total income - Going ...

Income Tax

May 12, 2022

You may also like:

Deduction u/s 80IC - Since in the present case the fact that the assessee had undertaken substantial expansion is not disputed, the assessee, we hold, is entitled to...

Tribunal went wrong in allowing deduction under section 80HH and Section 80-I from the gross total income before granting deduction under section 35(2) of the Act,...

Deduction under chapter VI-A - The Legislature by using the phrases “total income” and “gross total income” has tried to differentiate between the two - HC

Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the...

Deduction u/s 44C - interest on external commercial borrowing loans - No infirmity in the order of AO in not granting deduction u/s 44C of the act from the above income...

Deduction u/s 80IC - whether sales tax rebate to be included as profit derived from Industrial Undertaking and eligible as deduction u/s 80IC - Held No - HC

Deduction u/s 80IC - Revenue contending adjustment of losses of Delhi unit against profit of Baddi unit before providing deduction u/s 80IC - HC

Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

Insertion of new section 44ADA - Special provision for computing profits and gains of profession on presumptive basis. - a sum equal to fifty per cent. of the total...

Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

Deduction u/s 10A - Though Section 10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible...

Exemption / deduction u/s 10A or 10B - when to be allowed - Though Section 10A, as amended, is a provision for deduction, the stage of deduction would be while computing...

Computation of deduction u/s 80-0 - overall deduction under Chapter-VIA could not exceed gross total income of the assessee in terms of Section 80A(2).

Validity of provisions of Section 115JB & 80IC - whether ultravires - the provisions are in accordance with law and the Government has power to introduce such provisions....

Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

Quick Updates: