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Clarification of the term 'initial assessment year' in section 80IA (5) of the Income-tax Act, 1961

Clarification of the term initial assessment year in section 80IA (5) of the Income-tax Act, 1961 - Income Tax - 1/2016 - Dated:- 15-2-2016 - Circular No. 1 /2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct T .....

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Finance Act, 1999 with effect from 01.04.2000, provides for deduction of an amount equal to 100 % of the profits and gains derived by an undertaking or enterprise from an eligible business (as referred to in sub-section (4) of that section) in accord .....

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ases) beginning from the year in which the undertaking commences operation, begins development or starts providing services etc. as stipulated therein. Sub-section (5) of section 80IA further provides as under "Notwithstanding anything contained .....

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tely succeeding the initial assessment year or any subsequent assessment year, be computed as if such eligible business were the only source of income of the assessee during the previous year relevant to the initial assessment year and to every subse .....

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nitial assessment year'. It has been represented that some Assessing Officers are interpreting the term 'initial assessment year' as the year in which the eligible business/ manufacturing activity had commenced and are considering such fi .....

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t of the applicable slab of fifteen (or twenty) years. The matter has been examined by the Board. It is abundantly clear from sub-section (2) that an assessee who is eligible to claim deduction u/s 80IA has the option to choose the initial/ first yea .....

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essee, he shall be entitled to claim deduction u/s 80IA for ten consecutive years beginning from the year in respect of which he has exercised such option subject to the fulfillment of conditions prescribed in the section. Hence, the term 'initia .....

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