[Section 80-IBA]- Deduction in respect of Profits and Gains from Housing Projects

 

Table of Contents:

·         1.   [Section 80-IBA(1)]- 100% Deduction of Profit from Housing Projects

·         2.   [Section 80-lBA(2)]- Conditions to be Fulfilled:

·         3.   [Section 80-IBA(4)]- Consequences if the Project is not completed within a period of 5 years from the date of approval:

·         4.   [Section 80-IBA(5)]- Deduction under any other provisions of the Act not allowed if the same is claimed under this section:

 

Related Posts…

·         Capital Gains under Income Tax Act. 1961 - LTCG & STCG 1.   Basis of Charge – Capital Gains [Section 45(1)] Any profits or gains arising from the transfer of a capital…

·         Interest Payable By / To Assessee under Income Tax Act 1.   [Section 234A]- Interest Payable by the Assessee for default in furnishing Return of Income U/s 139(1) The assessee is…

·         Assessment and Audit under CGST Act, 2017 Word “Assessment” has been defined in Section 2(11) of the CGST Act, 2017. As per Section 2(11), Assessment means determination…

·         Payment of GST in GST Regime 1.   Types of Payments to be made in GST Regime For any intra-state supply For any interstate supply Taxes to…

·         Alternate Minimum Tax (AMT) on all Persons other than Companies [Section 115JC to 115JF Chapter XII-BA] AMT. which was hitherto applicable to LLP only. has been made applicable to all assessees other than a company. (1)…

·         Deduction Under Section 80A to 80U (Chapter VIA) from Gross Total Income The aggregate of income computed under each head, after giving effect to the provisions for clubbing of income and set…

·         [Section 115JB (2)]- Statement of Profit and Loss of the Company to be prepared as per provisions of the Companies Act. with Computation of… Every assessee,— (a)           being a company shall, for the purposes of this section, prepare its statement of profit and…

·         Input Tax Credit or ITC under GST Under the GST regime. the Centre will give input tax credit for Central GST/IGST and the States will give input…

·         Special Provisions relating to Tax on Distributed Profits of Domestic Companies 1.   [Section 115-O (1)]- Tax on Distributed Profits of Domestic Companies Shall not be applicable w.e.f. 1.4.2020 as Dividend shall…

·         Computation of Capital Gains in different Cases 1.   Computation of ‘Capital Gain’ in case of ‘Zero Coupon Bonds’ The profits arising on the transfer of such zero…

·         Procedure for Assessment of Search Cases-[Sections 153A, 153B and 153C] 1.   [Section 153A(1)(a)]- Notice for Filing Return: Where a search is initiated under section 132 or books of account, or…

·         Exemption of Capital Gains under Sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G. 54GA and 54GB 1.   [Section 54]- Exemption of Capital Gain on Transfer of House Property used for Residence Capital gain arising on the…

·         GST Return under GST Act. A GST Return is a summarised statement furnished by the tax payer to the tax administrators containing details of specified…

·         [Section 206CB]- Processing of Statement of TCS Currently, there does not exist any provision in the Act to enable processing of the TCS statement filed by the…

·         Investment Planning for Tax Savings 1.   Investment in Sukanya Samriddhi Yojana (SSY) The Sukanya Samriddhi Yojana interest rate for January to March 2020 (Q4, FY…

·         Services Exempt from GST Notification No. 12/2017-Central Tax (Rate), dated 28.6.2017 has Exempted following Services from CGST/IGST respectively: SL. No. Description of Services 1…

·         [Section 270AA]- Immunity from imposition of Penalty and initiation of proceedings under section 276C or 276CC (1) [Section 270AA(1)]- Conditions to be fulfilled for making an application for grant of Immunity from imposition of penalty under…

·         Appeals to Appellate Tribunal [Section 253(1) and (2)] (A) [Section 253(1)]- Orders against which Appeal may be filed by the assessee: As per section 253(1), any assessee may…

·         Tax Invoice , Credit and Debit Notes under Section 31, 33, 34 of CGST / SGST Act, 2017 GST Acts give immense importance to invoice and named it as tax invoice because it is one of the most…

·         Penalties & Prosecutions under Income Tax Act. 1.   Penalties under Income Tax Act. The various defaults in respect of which Penalty can be imposed by the Income…

 

You May Also Like…

Revision by the Principal Commissioner or Commissioner under Income Tax Act.

Appeals & RevisionsDirect Taxes Ready ReckonerTax Management / Appeals & Revisions

Table of Contents 1.   [Section 263]- Revision of orders prejudicial to Revenue:Time limit for passing the revision order under section 263:No time limit in the…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

Section 285BA requires the furnishing of statement on account of the following:  (A)       Statement of financial transactions  (B)        Statement of reportable account  Table…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

Table of Contents 1.   [Section 282(1)]- Mode of Service of Notice or summon or requisition or order or any other communication under the Income Tax…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

Table of Contents (1) [Section 281B(1)]- Provisional attachment of any properly belonging to the assessee:(2)  [Section 281B(2)]- Period of validity of the attachment order:(3) [Section…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

In India, the quantum of domestic black money is huge which adversely affects the revenue of the Government creating a resource crunch for its various…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

(a)        No branch of a banking company or a co-operative bank, and (b)        No other company or co-operative society, and (c)        No…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

No person shall take or accept from ant’ other person (herein referred to as the depositor),— (i)         any loan or (ii)        deposit or…

Appeals & RevisionsDirect Taxes Ready ReckonerTax Management / Appeals & Revisions

Table of Contents (A) [Section 253(1)]- Orders against which Appeal may be filed by the assessee:(B) [Section 253(2)]- Principal Commissioner or Commissioner may also direct…

Appeals & RevisionsDirect Taxes Ready ReckonerTax Management / Appeals & Revisions

The first appeal against the order of Assessing Officer shall lie to the Commissioner (Appeals) and it can be filed by the assessee only. Table…

Direct Taxes Ready ReckonerPenaltiesTax Management / Penalties

Table of Contents (A) [Section 273A(1)]- Power to Reduce or Waive Penalty imposed or imposable for default under Section 270 or Section 271(1)(c)Principal commissioner /…