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Income Tax - Highlights / Catch Notes

Home Highlights July 2013 Year 2013 This

Deduction u/s 10A - foreign exchange gain - the gain on receipts ...

Income Tax

July 13, 2013

Deduction u/s 10A - foreign exchange gain - the gain on receipts of foreign exchange as export proceeds are extricably linked, eligible for exemption u/s 10A - AT

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  1. Exemption u/s 10A - t the foreign exchange gain on packing credit foreign currency loan is not eligible for deduction under section 10A - AT

  2. The foreign exchange gain was income derived by export business of the assessee, and, eligible for deduction u/s 10A of the Act - AT

  3. Foreign exchange gain taxability - restatement of foreign currency loan - AO directed to grant deduction of notional exchange loss in the subsequent assessment years - AT

  4. Manner of Receipt in Foreign Exchange - Regulation 3 of the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 as amended

  5. Denial of CENVAT Credit - Non receipt of foreign exchange after export of goods - There is no condition, as regards receipt of foreign exchange, in the Cenvat Credit Rules - AT

  6. Deduction u/s 80HHE - there is no occasion to exclude 90% of the amount attributable to export gains from the foreign exchange rate fluctuation - HC

  7. Revenue receipt or capital receipt - Foreign exchange gain written back on cancellation of vessel construction contract taxed u/s. 28(iv) - The ITAT agreed with the...

  8. Manner of payment in foreign exchange - Regulation 5 of the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 as amended

  9. Exemption u/s 10A - STPI unit - Adjustment of payable in foreign exchange with sale proceeds - a two-way traffic is unnecessary - exemption allowed - AT

  10. Foreign exchange gain pertaining to marketing commission segment should be considered as operating income - AT

 

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