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MFM-14 Pankaj Mahajan Taxation
MFM-14 Pankaj Mahajan Taxation
MFM-14 Pankaj Mahajan Taxation
Sec. 80JJA
2
Sec. 80JJAA
3
ii.
iii.
The gross total income should include profits & gains derived from
the manufacture of goods in a factory;
The factory is not hived off or transferred from another existing entity
or acquired by the assessee company as a result of amalgamation
with another company;
Audit report of a Chartered Accountant should be furnished along
with the return of income.
Definitions:
i.
ii.
As per the Finance Bill, 2015 with effect from the 1st day of April, 2016, (a) in sub-section (1), the words being an Indian company, shall be omitted;
(b) in sub-section (2), for clause (a), the following clause shall be substituted,
namely:(a) if the factory is acquired by the assessee by way of transfer from any
other person or as a result of any business re-organisation;;
(c) in the Explanation, in clause (i), for the words one hundred workmen, the
words fifty workmen shall be substituted.
Sec. 80LA
6
b)
Scheduled bank, or any bank incorporated outside India & which owns an
offshore banking unit in a Special Economic Zone; or
A unit of an International Financial Services Centre.
Conditions:
The deduction shall be allowed to such assessee in respect of their income
received by way of convertible foreign exchange subject to the furnishing of
the following along with the return of income:
c)
d)
b)
Sec. 80O
8
b)
c)
Where the gross total income of an assessee, includes any income received by
the assessee from the Government of a foreign State or foreign enterprise in
consideration for the use outside India of any patent, invention, design or
registered trade mark and such income is received in convertible foreign
exchange in India, or having been received in convertible foreign exchange
outside India, or having been converted into convertible foreign exchange
outside India, is brought into India, by or on behalf of the assessee in
accordance with any law for the time being in force for regulating payments
and dealings in foreign exchange.
Such income is received in India within a period of six months from the end of
the previous year, or within such further period as the competent authority
may allow in this behalf;
No deduction under this section shall be allowed unless the assessee furnishes
a certificate, in the prescribed form, along with the return of income, certifying
that the deduction has been correctly claimed.
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