https://www.taxtmi.com/article/detailed?id=108 An assessee eligible for specified tax exemptions may annually file a written declaration before the return due date to forgo the exemption for that assessment year; each assessment year is treated separately, so the declaration applies only to the particular year(s) for which it is filed and does not automatically revoke exemption already availed in earlier years or for subsequent years. The waiver can be beneficial to preserve set off and carry forward of losses and depreciation, no prescribed form is required, and administrative misapplication of a declaration to all years is without jurisdiction and subject to challenge. en-us Fri, 27 Jun 2008 00:00:00 +0530 Fri, 06 Mar 2009 13:30:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=108 An assessee eligible for specified tax exemptions may annually file a written declaration before the return due date to forgo the exemption for that assessment year; each assessment year is treated separately, so the declaration applies only to the particular year(s) for which it is filed and does not automatically revoke exemption already availed in earlier years or for subsequent years. The waiver can be beneficial to preserve set off and carry forward of losses and depreciation, no prescribed form is required, and administrative misapplication of a declaration to all years is without jurisdiction and subject to challenge. Articles Income Tax Fri, 27 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=108