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TMI BlogClarification of the term 'initial assessment year' in section 80IA (5) of the Income-tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... nitial assessment year' in section 80IA (5) of the Income-tax Act, 1961 Section 80IA of the Income-tax Act, 1961 ('Act'), as substituted by the Finance Act, 1999 with effect from 01.04.2000, provides for deduction of an amount equal to 100 % of the profits and gains derived by an undertaking or enterprise from an eligible business (as referred to in sub-section (4) of that sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment year or any subsequent assessment year, be computed as if such eligible business were the only source of income of the assessee during the previous year relevant to the initial assessment year and to every subsequent assessment year up to and including the assessment year for which the determination is to be made . In the above sub-section, which prescribes the manner of determining th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the initial/ first year from which it may desire the claim of deduction for ten consecutive years, out of a slab of fifteen (or twenty) years, as prescribed under that sub-section. It is hereby clarified that once such initial assessment year has been opted for by the assessee, he shall be entitled to claim deduction u/s 80IA for ten consecutive years beginning from the year in respect of which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;initial assessment year' as mentioned in sub-section (5) of that section for which the Standing Counsels/D.R.s be suitably instructed. The above be brought to the notice of all Assessing Officers concerned. (F. No. 200/31/2015-ITA-I) (Deepshikha Sharma) Director to the Government of India - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Manag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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