TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Clarification on 'Initial Assessment Year' in Section 80IA(5): Deduction Starts From Year Chosen by Assessee, Not Business Start Year.</h1> The circular clarifies the term 'initial assessment year' in Section 80IA(5) of the Income-tax Act, 1961. It states that the 'initial assessment year' is the first year chosen by an assessee to claim a deduction, not necessarily the year the eligible business commenced. Assessees have the option to claim deductions for ten consecutive years within a fifteen or twenty-year period. Assessing Officers are instructed to allow deductions based on this clarification and ensure all conditions are met. Pending litigation regarding the interpretation of 'initial assessment year' should not be pursued further.
TaxTMI 
TaxTMI 
