Supreme Court: Vacancies From Resignations under CUSAT Act Must Follow Communal Rotation || Supreme Court: Forest Land Cannot Be Leased or Used For Agriculture Without Centre’s Approval || Supreme Court: Gravity of Offence and Accused’s Role Must Guide Suspension of Sentence under CrPC || Supreme Court: Arbitral Awards Cannot be Set Aside For Mere Legal Errors or Misreading of Evidence || SC Acknowledges Child Trafficking as a Grave Reality and Issues Guidelines to Assess Victim Evidence || Allahabad HC: When Parties Extend an Agreement by Conduct, The Arbitration Clause Extends Too || Supreme Court: Issues of Party Capacity and Maintainability Must Be Decided by Arbitral Tribunal || Supreme Court: Omissions in Chief Examination Can Be Rectified During Cross-Examination || Supreme Court: Items Given by Accused to Police Are Not Section 27 Recoveries under Evidence Act || Gujarat High Court: Waqf Institutions Must Pay Court Fees When Filing Disputes in State Tribunal

Clarification of 'initial assessment year' in Section 80IA (5) of the IT Act- (Ministry of Finance ) (15 Feb 2016)

MANU/DTCR/0002/2016

Direct Taxation

The Central Board of Direct Taxes issued a clarification to the ‘initial assessment year’ for the purposes of Section 80IA(5) of the Income Tax Act, 1961. The term will mean the first year in which an assessee claims deduction under Section 80IA of the Act, 1961. CBDT’s explanation puts paid to an interpretation by some assessing officers that the ‘initial assessment year’ was the year in which the eligible business or manufacturing activity of the assessee commenced.

Tags : INCOME TAX INITIAL ASSESSMENT YEAR DEDUCTION CLAIM

Share :