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What is Section 10A of Income Tax Act?

What is Section 10A of Income Tax Act?

Section 10A in The Income- Tax Act, 1995. (1) Subject to the provisions of this section, any profits and gains derived by an assessee from an industrial undertaking to which this section applies shall not be included in the total income of the assessee.

What is Form 10A and 10B of Income Tax Act?

1. What is Form 10B? Form 10B enables a taxpayer to file an audit report if the taxpayer has applied for or is already registered as charitable or religious trust / institution by filing Form 10A.

How do I file Form 10AA?

Steps to file Form 10A

  1. Step 1: First, you need to log on to E-filing portal of the income tax department through
  2. Step 2: Then, you have to go to E-file menu located at the upper -left side of the website page and click on the Income Tax Forms.

Which of the following income is not exempt under section 10?

Any income that an individual acquires or earns during the course of a financial year that is deemed to be non taxable is referred to as ‘Exempt Income’….Income Exempt From Tax As Per Section 10.

Section 10(1) Income earned through agricultural means
Section 10(11) Any payment received via the Statutory Provident Fund

What is the difference between 10A and 10AA?

Section 10A- Special provision in respect of newly established undertakings in free trade zone, etc. B. Section 10AA – Special provisions in respect of newly established Units in Special Economic Zones.

How is 10AA calculated?

Section 10AA Deduction has to be calculated on the basis of the following formula: (Profit of business of the unit x Export turnover of the unit) / Total turnover of the business. Export turnover of the unit means consideration relating to export by the undertaking received in or brought into India.

Who can file Form 10A?

This states that the person who has received income and who want to avail the benefit as per section 11 & 12 has to make an application in the prescribed standard form i.e. 10A or 10B and the stated manner to the Principal Commissioner or Commissioner, for registration of the trust or institution.

What is Form No 10 AC?

1[FORM NO. 10AC (See rule 2C or 11AA or 17A) Order for registration or provisional registration or approval or provisional appro.

Who has to file 10A?

Newly Established Organizations: New Organizations which wish to get themselves registered with the income tax authority for availing exemption under section 11 and 12 of the Income-tax Act are required to apply for provisional registration in Form No. 10A.

What is difference between 12A and 12AA?

Section 12A deals with registration of trust and Section 12AA deals with online procedure for registration of trust. A Non Governmental Organization (NGO) that is neither a part of a government nor a conventional for-profit business.

What is Section 10 26AAA income tax?

✅What is Section 10 26AAA of tax? The section 10(26AAA) covers the income of a Sikkimese individual which is arising either in the state of Sikkim or by way of dividend or interest on securities, is not to be included in total income for tax calculation.

What are the exemptions under section 10?

Exemptions under Section 10 of Income Tax Act

Section and Sub-section Category Exemption
10(1) Self-employed agricultural income No tax
10(2) Income of a member of Hindu –undivided Family No tax
10(10C) Voluntary retirement compensation Exempt up to Rs. 5 lakh
10(10D) Life insurance benefit including bonus No tax