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Income Tax - Highlights / Catch Notes

Home Highlights December 2015 Year 2015 This

Exemption u/s 10A - the disallowed expenditure, becomes a part ...

Income Tax

December 11, 2015

Exemption u/s 10A - the disallowed expenditure, becomes a part of the income derived from the activity of export of software and entitled to the deduction under Section 10A of the Act - HC

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  1. Deduction u/s 10A – If any technical service is rendered in the course of export of computer software then the expenditure incurred in that regard cannot be excluded - HC

  2. Interest income had not been derived from export of article or things or computer software - the assessee was not entitled to deduction u/s 10B in respect of interest income - AT

  3. Nature of purchase of software - software purchased by assessee for ultimate export either as embedded software or as part of project undertaken by it cannot be...

  4. Exemption u/s 10A/10B - Interest income - deposits made with banks for obtaining letters of credit - Benefit of deduction u/s 10B on interest income related to export...

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

  6. 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

  7. Exemption u/s 10A - STP unit - exclusion of hardware component from export turnover - Software without loading onto the hardware could not be used and the hardware with...

  8. Deduction u/s 10A - what is required to be excluded in the export turnover are only freight, telecommunication charges or insurance attributable to the delivery of...

  9. Exemption u/s 10A of the Income Tax Act - assessee is carrying on the activity of blending of tea consistently, on factual aspects, which Revenue has not objected -...

  10. Software consumable expenses – The expenditure was incurred for application software and not for system software – The software was not of enduring nature and would...

 

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